Financial Times , 1982, UK, English

World’s!
• Most I
Honoured i
Watch

1

No. 28.683

V/VJA-' \

1 JL

ES

PUBLISHED IN LONDON AND FRANKFURT

Tuesday January 26 1982

***30?

AOTOMHItfo

ACCUMULATE

Fat jmcMm* tluft stab assembly casts by up to 85% AM)
upgifefothe product CnZ Vaughan.

VAUGHAN

associates Lirmreo

Trent Works, Abbeyfleld Road,
Nottingham NG72SU. Tel: 0602 862 SSI

Continental selling prices: Austria Sch. is : Belgium f r 30: Denmark icr » bo, fiance Fr s.oo: gsrmamy dm 2.0: halt l I.OW; Netherlands pi z.75: Norway Kr b.oo: Portugal esc so-, spain p u bs; Sweden k r s.oo; Switzerland ft 2.0; eihe «p: macta 30c

U.S. m&ikei reactions threaten European economic initiative

GENERAL

u.s.

B 0 S 1 HESS

Lloyds
set to bay

SY DAVID MARSH IN LONDON AND DAVID LASCELLES IN NEW

— _ — A NK1Y ccnncrmic policy rift

17 1 ci e « c >„ i Heiw ••cn 1 lie U.S. and Europe

Jtr. y.S.r2d33T3.J , L!Uis lyoaied b-t night as the dollar

wj- na*e a n-i American interest rates

14 ;. i riv.-s •rfwrpiy in reaction to the

,-i.y-wr^O. - 1 laic-rl s. purr, in the U.S. money

I i SliPIriy.

, ,y, i The fresh wave of higher

’rf . t i t . fi 7^ hJL ss i ' * r L'.S. interest rales could wreck

~7~- v, lim independent initiative

A " site emergency " was
declared at Ginoa nuclear imwcr
plant near Rochester. New
York, yesterday when radio-
active steam leaked from an
apparently broken pipe.

Officials said the piant.
designed and built by Westing-
house Electric, shut automatic-
ally after a tube rupture in the
si earn generator which was
apparently leaking at 75 gallons
a minute. It is a pressurised
water reactor. •‘Site emergency”
is the second highest accident
1 testification for a nuclear
emergency. Page 4

Steel-bJast death

One man died and five others
were hurt at George Blair -reel-
works. Newcastle upon Tyne,
after a furnace believed to cun-
tain molten metal had appar-
ently exploded.

Air fares change

Air fare? on north Atlantic
routes this summer are ex-
pected to be simplified iF Inter-
national Air Transport Associa-
tion plans are accepted.

Secret ordeal

A woman who kepi a rape
ordeal secret fell to her death
from a tower block, an inquest
heard. The coroner recorded
an open verdict on Cathy Lynch.
21. of Liverpool.

Spurs 9 fan jailed

Spurs /an Keith Wilks of
Tottenham, was jailed for three
years at the Old Bailey after
admitting the manslaughter of
a Leeds supporter.

!P!ea over Pope

Merseyside County Council
wants the Government 10 help
pay for police overtime during
the Pope's visit because it can-
not afford the estimated
£600.000.

Dozier ‘alive 9

Guerilla kidnappers in Italy nf
U.S. General James Dozier
issued a photograph apparently
showing him alive and with a
beard.

GLC rate move

GLC is considering spending
options which may mean the
GLC portion of London rate-
payers' bills rising by as much
as 144 per cent this spring.
Back Page

Drugs men jailed

Six men who helped distribute
cocaine worth £12m, illegally
imported from South America,
were jailed for a total of 48
years by Lewes Crown Court,
Sussex.

SDP ‘think tank’

.An unofficial SDP think tank —
similar to the Fabian Society.
Labour's research group — has
been set up -to promote policy
ideas for the parly. Page 8

Healey’s attack

Denis Healey. Labour’s deputy
leader, criticised the U.S. TV
show Let Poland Be Free as
Hollywood razzamataz. Mrs
Thatcher appears in the show.

Journalist freed

Sunday Mirror journalist Greg
Miskiw, charged with entering
Poland illegally before Christ-
mas. was freed after paying
£5,000 bail.

Good scout

Arthur Primmer. 00. who
attended Baden-Powell’s first
scout camp in 1907. helped
launch the year of the scout
at a Westminster reception.

Briefly . . .

Colchester Zoo is up for sale at.
£lm.

Campaign for lead-free petrol,
supported by 139 MPs. was
launched.

lake

© LLOYDS AND SCOTTISH.
Lloyds Bank's fin.-inco house, i-
expected m «.nnounce the acqui-
sition of Bow maker. Eritain'j
last big independent finance
house, for about LSOui. Back
Page

© EQUITIES were subdued
pending Wail Street’s reaction
to the rise in (he U.S. money
supply. The FT 3l5--»hare index
fell 9.5 lo 557.7. Page 3«»

© GILTS weakened as U.S.
eicitls undermined optimism
ever European interest rates.
The Government Securities
index fell <!.(*.” (o P.-ize 30

O WALL STREET was 5-S5
down at S38.I8 near the close.
Page -7

3 GOLD fell S3 in London lo
$372. In New York, the Comcx

S HER FINE OUNCE

London

GOLD

Price

mi

' 1

0 M

1991

D J
1982,

January close was 8375.2. Page
26

© DOLLAR strengthened in
response to ihj- rise in the U.S.
money supply. closing at
DM 2.337 1 DM 2.31*155 J. SwFr
3,8675 tSuI'r l.?525) ar.d
Y229.25 t Y227). Hs trade
weighted index rose lo 110.3
(109.31. Page 26

0 STERLING weakened, falling
1.85c lo 81.8543 and to SuFr
3.405 (SwFr 3.4725). Agaiu't
Ihe D-mark it rose to DJI 4.335
(DM 4.325). Hs trade weighted
index slipped to 90.7 (90.9).
Page 26

© TREASURY'S chief economic
adviser Terry Bums said
there was a chance this years
growth in UK output may
exceed ihe Treasury forecast of

1 per cent. Back Fage

O JAPAN pledged it would take
steps lo increase Imports from
the U.S. and F.EC os crucial
trade talks with Community
officials started. Page 4

9 YUGOSLAVIA suspended its
eqorts 10 negotiate a S4nftm
Eurocredit because of poor
market reception to ns pro-
posals. Page 24

® RNOC plans lo develop ils
Clyde Field in ihe North Sea at
a cost of £9ft0m 10 £lbn and
hring it on stream by late 19S7.
Page 6

© FARMWORKERS voted deci-
sively for a merger between
their financially iroubled union
and the Transport and General
Workers’ Union. Page 8

COMPANIES

0 RIO T1NTO-ZINC. the mining
group, won control of Thos W.
Ward, ihe industrial holding
company, after a protracted
takeover baule. Back Page

© TOYOTA MOTOR. Japan's
biggest moior group, .said it
would merge completely with
Toy oia Motor Sales, its market-
ing arm, on July 1. Back Page

O RANK ORGANISATION, the
entertainments group, reported
pre-tax profits down front
£ 109.42m to £102.7 «5m for the
year to eod-October. Page 20;
Lex, Back Page

© MERCANTILE HOUSE, the
imernation.il financial M.-mnfs
group, more than doubled pre-
tax profit from JE2.S5ro lo E&tlm
for the six months lo end-
October. Page 20

CHIEF PRICE CHANGES YESTERDAY

(Prices In pence unless otherwise indicated)

RISES

Alexanders DiscnL 253

Allied Textile 173 -f-

Ash & Lacy 265 +

Baird fWm> 393 —

Common Bros 270 +

Hunslct 380 4-

Huctiey & Palmer 111 -r

Kershaw (A) 273 +

Mercantile House 460 -r
Newmark '(Louis) 253xd -t-

Piftard 80 4-

Kank Org 190

Reardon Smith A 110 ■+■
Torakinsons Crpts 6S —
Union Discount ... 420
Canada North West 14 +
FALLS

Exchqr 12) pc 1985 £90 -

Treas IS.’pc 1993

Allicd-Lyunv

Assoc Dairies . .
Barclays Bank ...
Bril Aerospace
Christies Inti ...
Geers Gross . . .
Greatermans Sis

1CI

Nat West Bank ...
Pilkinglon Bros

Reed Ini l

Rnwntrec Mack at

Sothehy PB

Tarmac

Vickers

Candecca

Doom f on lei n ...
KTZ

3-ManE!j£3rai : oJlar
„ Sets

Jan 1932

teun.-hed te-;t week by the
Bank of England, the West
German Bundesbank and other
EEC central banks to lower the
coat of credit in Europe and
>pccd up economic recovery.

The sharp Jail in .sterling and
leaning Continental currencies

against the dollar yesterday
could prolong the European
recession just as an upturn had
apeparecl likely.

EEC central banks may now
he forced to act to prevent
currency depreciation triggering
fresh inflation.

Matched against heavy flows
of international funds drawn
into higher-yielding dollars,
central -banks from Europe and
Japan yesterday carried oitt
only modest amounts of inter-
vention to help brake the slide
in iheir currencies.

European interest rates also
rose generally — though by much

less than the sharp increase -in
dollar rales — as the shock wave
of tighter U.S. credit spread
across the world's financial
markets.

The dollar closed in London
at DM 2.3370. its highest since
late September, up sharply
from DM 2-3065 on Friday.

Sterling finished at $1.8545,
down 1.85 cents from Friday
and the lowest closing level
for nearly three months. It had
slipped to $1.8480 at one stage
during trading yesterday.

In very active trading, the
D-Mark came under severe pres-
sure from large selling orders,

some believed to be from the
Middle East.

Surprisingly. . the Bundes-
bank failed to intervene at the
midday fixing session in Frank-
furt. preferring to leave the
rate to find its own level uniter
the weight of orders.

The Bundesbank and the Bank
of England were .thought to
have made scattered dollar sales
to defend their currencies
throughout the day. In Tokyo,
the Bank of Japan sold an
estimated $100m as the yen fell
sharply to a three-month low.

Continued on Back Page
Lombard;. Page 19

against the SI

STERLING

WLonoow

4.

I fl

‘■is*' ^ %/Jk & Ja

A A

73 TT’i'PI ■fr/TS

pOMlS a,© ii&C

JlL

BY MAX WJLXtNSON, ECONOMICS CORRESSPONDENT

BRITAIN had a balance of pay-
ments surplus on current
account of >Sm in Dec?in5?o.“.
•tUVsesiing that there ha. - been
a record surplus of sumc £6 bn
for 19S1 as a whole.

Fjnaf figures for fhe year may
not t»e available for some time
because there is nn dal3 f»r
between March and August
because nf ihe civil servants'
indsli trial action.

Tile December figures. <mt yes-
terday. show an increase in ihe
current account surplus
£2SDm compared wstii the Nov-
ember figures. depre«ed by a
surge of imports, partly n
response to the end of de-
stneking by importers.

In December imports foil
£3B8m compared with ihe
previous month to £4.37bn. .-Vs
a result iho visible trade surplus
was i'331iu. against only £51 111
in November.

All the fumes must be

BALANCE OF PAYMENT5
Current account

Cm scaoandly adjusted

1931

Visible

Current

trade

Invisibles

account

Jan.

~7«

-r 441

-r1183

Feb.

-F3U

- 441

4755

Sept.

— 13

-101

-.-114

Oct.

-;-3«

-166

-532

No».

- 51

-167

-r 213

Dec.

-5-331

1-167

-493

4th Q

cr —7^5

- -503

-'-7248

invisibles — |

of appropriate

quarter!/ estimtas. Menthljr figures

not available.

Source:

Oepar:m :n:

01 Trjde

1 realed with caution, partly
because ihe .series is incomplete
as a result of the strike and
partly because the method of
cojjetiion of .statistics was
changed in ihe autumn.

year

However, it seems dear that
there has been a significant rise
in the trend of both sports and
imports since the beginning of
19SI.

In the last quarter of 1981
the seasonally-adjusted volume
of imports was 14 per cent
higher than a year earlier,
volume of exports increased 5.4
per cent in the same period.

Volume of imports in the
final quarter of 1981 was no
larger than the quarterly
average for the first half, and
about the same as the quar telly
average for 1979, both periods
of greater economic activity.

In December oil contributed
a record £402m to the visible
trade balance, about twice as
much as in the previous month.

The non-oil balance on risible
trade showed a deficit of £71m.
Total exports of oil reached a
record of £976m in the month
out of the total of £4.7bn.

UK budget payment
issue splits EEC

The visible trade surplus has
fallen from an average of £500m
a month in the first two months
of 1981 to an average of only
£200m from September to
December. The main reason for
this was a reduction of the sur-
plus on semi-manufactured
goods and an increase in the
deficits on trade in food,
beverages and tobacco and in
basic materials.

The value of imports of
manufactured goods in constant
(1975) prices rose 12 per cent
from January to December last
year. It was 17 per cent higher
in December than the average
for 1979.

Exports of manufactured
goods increased some 20 per
cent at 1975 prices from
January to December, but the
December figure ' was little
higher than the monthly average
for 1979.

i ©ffers gradual easing

BY CHRISTOPHER BOSINSK1 !N WARSAW

?t.» f. A MV.S MiLIT.-i P. V ch .of.
General IS'^j.-iccIi Jurtizclski.
off:?! eel me country a gradual
lifting of m.irssal tew jesivniaj.
fen made clear that resistance
in military rule would on dung
the present restrictions.

In his find and keenly
awaited address tv :hc Sejm
Parliament, since 1 lie December
13 crackdown, he hir on' ar ihe
Weal, and the U.S. in particular,
fur ‘'attempting to interfere in
Poland's internal affairs."
Western sanctions would not
alter his policies.

Poland still wanted tn con-
tinue talks on rescheduling her
Western debt to ” secure our
country"* interests and those of
nur creditors/' But the only
long-term solution to easing
Poland's debt burden lay in
increased exports.

The more onerous aspects of
martial law would be lifted by
the end of February. Gen
.laruzelskl mid the Sejm, but
only if "illegal action* did not
develop or other unforeseen
circumstani'ev did noi inter-
vene." he added nminon.-ly.

This was .1 clear warning
against any new wave of opposi-

l ion to ihe big food price n.-vs
due on February I. or when the
universiues reopen shortly. The
army has taken the precaution
of setting up checkpoints on
key toads throughout the
country, while police in Warsaw
were reinforced.

If members of Solidarity, now-
suspended. resume their activi-
ties. then "the only con-
sequence w’ll he the lengthening
of mariial tew and a sharpening
of restrictions." the General
said in his imighly worded
speech, which many observers
had thought might take a more
liberal line, and promise a
speedier end to martial law.

The military authorities
evidently plan to keep elements
of martial law in place for some
lime yet. at leasi until the
economy begins to recover.

Gen Jaruzelski said signs of
recovery would be apparent in
the second half of this year,
which could mean several more
nmuth? uf milirorisati'in of key
factories, of the six-day week,
nuiiiary labour discipline anJ
^.-Pension of irade union rights.

If the Mtualion remains
relatively calm, however. I ravel
restrictions and trie curfew

■‘tight end much sooner. Warsaw
Radio said yesterday that pri-
vate motorists could buy limited
amounts of petrol again from
February l.

Gen .Taruzelski did ' not
mention Solidarity by name, but
simply said: "At the moment
there are no ready solutions”
to a resumption of trade union
activity.

Mr Let-h Walesa, the leader
of Solidarity is still interned,
apparently refusing to negotiate
with the authorities.

Gen JaruLzelski said that 1,760
internees had been freed, but
4.549 were still held. “They
must review their mistakes and
begin to think realistically,’’ he
said.

While he did not want to
deport them, "we will not place
any obstacles in their way if
they want to leave the country

eventually."

Poland's application to join
the International Monetary
Fund still stood, and she wished
tu fulfil her debt obligations.
He repeated his strong commit-
ment to economic reform,
decentralising decision making,
ending corruption and promot-

ing efficiency, but gave no time-
table.

Implicitly denying charges
that the December 13 crackdown
was Soviet-inspired, Gen Jaru-
zelski said the decision to intro-
duce martial law was “ our own,
on the basis of our own assess-
ment of the situation and
carried through with our own
forces."

He criticised the Western
policy of economic sanctions as
designed to “ take the country
by hunger and provoke internal
strife."

• The Soviet Union, Czechoslo-
vakia and Hungary opened
a six-day joint military exercise
in western Czechoslovakia, said
Tass in Moscow yesterday.

Russia may face higher export
credits bill. Page 2

BY JOHN WYLES IN BRUSSELS

THE European Economic Com-
munity appears to be heading
for renewed tension and
division after EEC Foreign
Ministers failed yesterday to
agree on a framework for long-
term reductions in UK pay-
ments to tbe EEC budget.

At the end of a fruitless day-
long negotiating session Lord
Carrington, the British Foreign
Secretary, said Britain would
prevent any agreement on. tbe
annual price increases for Com-
munity farmers, envisaged for
the end of March, until it had
secured a satisfactory budget
deal.

Without a budget settlement,
he said, the guidelines for
Community reform already
agreed were frozen, and, as a
result, farm price rises could
not be concluded.

Yesterday's failure almost
certainly means the EEC sum-
mit here al the end of March
will be dominated, like that of
March 1980. by the UK budget
issue. An attempt will be made
to find a solution beforehand but
several member-states are
taking stands on issues of
principle which only heads of
government may be able to
adjust.

Meanwhile, M Gaston Thom,
President oF the European
Commission, and M Leo Tinde- ■
mans, the Belgian Foreign -
Minister who is current Presi-
dent of the EEC Council of
Ministers, will tour capitals
seeking a compromise. This
would try to specify the amount
by which the UK’s budget trans-
fers to Brussels should be re-
duced and for how long.

According to Lord Carrington
yesterday’s deadlock was not
caused by a lack of political
will among’s Britain's partners
but because “Ministers of Fin-
ance see there is going to be
a bill which will have to be
paid. If the UK pays Jess to tbe
budget then others are going
to gain less. That as tbe funda-
mental difficulty." •

Nevertheless the actual stick-
ing-point in the negotiations .
was the unlikely one oi ” de- :

gressivity." This is the insis-
tence by most member-states
that any special payments to
the UK should be reduced from
one year to the next during
an agreement's lifetime.

Lord Carrington said he had
not heard anyone make a logi-
cal defence of this principle.
He said Britain could accept
progressive reductions in its
refunds but only if tbe EEC
successfully developed policies
to funnel more spending to the
UK

France’s approach yesterday
appeared to have hardened and
echoed former President Giscard
d’Estaing*s stand two years ago.
M Claude Cheysson. the socialist
Foreign Minister, said the UK
sought a "juste retour " < broad
budget balance), which was not
a Co mm unity idea. “ The British
and we are not . speaking of the
same Community.*’

Herr Hans Dietrich Gcnscher
of West Germany said " we can-
not be a Community of lions,
when each one wants to take
his share.”

Germany's prospect of being
relieved of pari of the burden
of financing any special arrange-
ment for the UK was blocked
yesterday by The Netherlands,
adamant special favours should
. be limited .to poorer member-
states

. No progress was made on
agreeing the basis for
economies in and controls over
surplus milk production.

Lord Carrington said any
likely agreement on milk,
and guidelines already agreed
for Mediterranean agriculture,
would lend to make the UK
budget - payments problem
worse and this strengthened
London's case for a just and
fair solution. ’

£ In New York

Jab.22 f previous

1

.Spot |

S 1.8620 -8690 S I ^730-8760

Ifmontfi aJ.05 tfis -par |0. 14-0.09 dls
3 month fr 0.20-0.2 5 pm | nll-0.05 pm
12 months 1.80-2.00 pm 1.15-1.30 pm

y rejects Sowntree bid

BY RAY MAUGHAM

CON KECTf ONE R V G R r,r .‘F.

Rownrn.v Mackinio*h. has
launched n takeover bid :-t
H untley and Palmer which
values 'he Peak Frean .ind
Jacobs bbeuit manufacturer at
£72. 6m.

Its tern; * are '>ne ordinary
share and 1-Vm :n cash lor
every three Huntley and Palm-r
shares. A loan note alternative
to thv cash element v.-']l he
offered.

The hid v. a ? rejected nv
Huntley and Palmer yesterday
as * wholly inadequate an-i
unwelcome."

The two group? have been
linked for in yvai ?. Rown'.ree.
which has a representative. Sir
Ashley Pi»n->onny. on ihe
Huntley board, hu* a suK-taniia:
holding in Huntley.

The share holding \- shown
at 23.S per cent, having r:ren
from 1S.6 per cent just before

Chr:*Jnia*. Ro-.vnircp added to
us holding alter .‘toady buying
by 'he brewing croup. Aliied-
Lyon>. v.hiLh thought to
t»'n-ro! just under 5 per cent
vf !'r.e snare?.

If Rown tree's bid succeed--, it
■.ri!i create 3 biscuit?, snack*
and Confectionery company with
sale.-. >'f over £lbn. on 19SD
‘ii'urt-s. Down tree make* Kit
K.-.f. Quality Street and Polo
among many other hrands.

HunJley's tevi major a.quisi-
f.or. Wds S;n:ih -. ine crisps com-
pany acquired irom General
M:'.!? :n 1979 ior £Ifi.4m. Some
four tifins of us sales are pro-
duced :n ihe British markc.

Fluwntrev has made von-
<-'r;..-J efforts l.* expend in f.'on-
1 menial Europe where it* turn-
over exceed? £l50m. European
operator;, however, are ?t:11
breaking even and it has not
oven :b!e u.» find a .-unable

CONTENTS —

U.S. acquisition.

Mr Kenneth Dixon, chairman
of Rowniree. said yesterday that
*' we have thought hard over the
last len years about a bid for
Huntley" and said that Rown-
iree had been attracted "by the
potential of Huntley's big
brands."

"Rowniree is beginning lo
construct a non-confcctionery
leg after a ten years' thrust
reward geographical expansion
on a narrow product base.” he
added.

" We are trying to huild up
large brands and re-invest the
profits iliac more established
markets generate." he said.
Huntley has approximately 20
per cent of the UK biscuits
market. United Biscuits,
headed bv Sir Hector Laing.
controls some 38 per cent.

Background. Page 22
Lex, Back Page

The unemployed: why they v-ill not go

away 13

Tmde with Japan: obstacle race for the

West If)

Commercial Law Report: problems of

telex contracts '..... 10

Technology: Commodore ouovlion on
microcomputers II

.Management: what small business wants

from ihv Budget 14

British Companies Abroad: Inchcapc in

Latin America 28

Lombard: David Lascelles on U.S.

financial markets 19

Editorial Comment: Italian Communists;
UK economy IS

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Moni-v Markets ...

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UK News:

An;;

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AC'U a *ri&5 . ...

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Overseas News ...

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General

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C^nipJOifS UK ..

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Wall Street

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ANNUAL STATEMENT

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EUROPEAN NEWS

Financial .Times Tuesday Januai^ 2fi 1982

Anger erupts in France over Soviet gas deal

BY TERRY OODSWORTH IN PARIS

CRITICISM from both ends of have been signed. The deal

5EL. p ? ,t,c 2. spectrum was weakened the reaction of the
oirecied at the French Govern- French Government and its

ment yesterday following the
decision to sign a natural gas
supply contract with the Sonet
Union.

The reaction to the deal,
which is part of the controver-
si a l Soviet gas pipeline project.

European partners " in the face
oF the situation in Poland and
the strategy of the Soviet
Union,” said M Jacques
Chereque, assistant general
secretary of the CFDT.

On the Right, the most corn-

shows the depth of feeling in prehensive rejection of the
France over the suppression oF contract came from M Jacques
civil liberties in Poland. It will “ ’
also embarrass the Government
after its criticism of the Soviet
Union's role in Poland.

Two trade unions. the
Sncialist-orientated CFDT. and
the moderate Force Ouvriere,
said that the contract should not

M Chirac had no hesitation in
condemning the agreement as a
" serious mistake."

He drew attention particu-
larly to the timing of the deal
which, he said, deprived the
Socialists of the right to talk
about human rights in Poland.
The difference between what
the Socialist Party was saying
and doing, he said, was due to

Soviet Union, which will form The West Germans had
part of the agreement and the already signed, he stressed, and
country's growing dependence France needed to follow suit to
on Soviet gas. protect the reciprocal industrial

According to official figures, contracts that will flow from the
France’s supplies of Soviet gas agreement The country was
are due to rise to about 32 per steering a middle line between
cent of its total needs by the supporters of the convergence
end of this decade. This will concept of East-West relations
compensate for a run-down in and some hard-line U.S. atti- governments remained h esitan t
the off-take from Lacq, the gas- tildes, which wanted to stop yesterday about mounting sane-

Russia may
face higher
export
credits bill

by John Wjrl«s in Brussels
EUROPEAN COMMUNITY

Chirac, the former Prime
Minister and head of the neo-
Gaullist RPR Party.

Although die gas negotiations
were started by the former

the pressure placed upon the field In south-west France, but trade with the Soviet Union. tions against the Soviet Union

Government by the presence of
Communist Ministers.

Apart from this political
point-scoring. M Chirac also

should also be accompanied by The rejection of the U.S. because of -events in Poland,,

the development of supplies position was echoed more force- although a majority
from Africa. fully by the Communist news- Likely to favour charging

Defending the agreement, paper Humanity, which argued Moscow higher interest rates on

drew attention to two issues M Jacques Delors, Economics that the deal underlined tbe

conservative administration of which have caused wider anxiety Minister, said that it fell within refusal of tbe French Govern-

President Giscard d’Estainj.
who was supported by the RPR.

in France — the export of up-to- the policy aim oF diversifying ment to align itself on the U.S.

date French technology to the France's energy sources.

policy.

Italy weighs Pressure on Spadolini over Siberia contract

BY JAMES BUXTON IN ROME

THE ITALIAN Prime Minister.
Sig Giovanni Spadolini, is
expected to come under increas-

3/ Our Rome Staff

JTALF.YN POLITICAL leaders
were yesterday assessing how
the strong Soviet attack on
the Italian Communist Parly
I PCI) will affect the country's
political situation and the
exclusion of tbe country's
second biggest political group
rrom power at the national
level.

Yesterday the party news-
paper 1'Unila reprinted in full
the Pravda article which
accused it of being “ contrary
to socialism and peace ” in its
reaction to I he Polish crisis.
After lengthy deliberation,
the Italian party's central
committee has rejected the
Soviet model of socialism in
favour of its own " third way,”

The initial reaction of Sig
FTaminio Piccoli. secretary of
the long-ruling Christian
Democrat Party, was that the
importance of the Soviet
attack on the PCI was not to
he underestimated. He had
earlier welcomed the PCI’s
stance on the Polish issue.

Sig Bcttino Craxi. the
leader of the Socialist Party
viliich is in the coalition
Government with the
Christian Democrats, said
'hat the Italian Communists
had not just condemned the
events in Poland hut had sub-
jected the whole Communist
system of power to a radical
review. Nevertheless. he
accused Sig Enrico Ber-
linguor. tbe PCI leader, of
sectarianism in his attitude to
ihe Socialists— a reference to
the continuing antagonism
between the two main parties
of the Italian Left,

The Socialist Party, whose
electoral support is rising, has
no wish to see greater compe-
tition on the Left with the
Communists. The unaccept-
ability of the Communists in
national Government is of
advantage to the Socialists.

They fear that the Com-
ma nisls could again form an
accommodation with tbe
Christian Democrats as tltey
did in 1978-79 when they
formed part or the governing
majority. I hough not the
Government. That is an
option that the Christian
Democrats would like to keep
open, hut it would require a
significant change of attitude
by the PCI, which has
reverted to portraying the
Christian Democrats as the
Communists' historic enemy.

crackdown in Poland. This was
strongly demanded by the
Socialist and Social Democratic
ing pressure from some mem- parties which belong to the five-
bers of his Government to sign party' coalition.

a formal agreement with the
Soviet Union on gas supplies
from the Western Europe-
Siberia pipeline.

Even before the French Gov-
ernment signed an accord with
Moscow. Sig Giovanni Marrora,
the Minister of Industry’, was
pressing for government action
both on the Soviet gas pipeline
and the related issue of the
price of gas supplies via a pipe-
line from Algeria.

The Government derided to
impose a “ pause for reflection ”
on the negotiations with the
Soviet Union in the wake of the

The gas supply contract with
the Soviet Union was due
originally to have been signed
on January 12. Italy has a

the pause for reflection con- An agreement on gas supplies
tinues much longer, the Soviet with the Soviet Union is likely
Union will regard the cegotia- to be at a lower price than
tions as having broken off Algeria is asking, and the
altogether. That would preju- availability to Italy of Soviet
dice Italian hopes of winning gas would weaken the Algerian
a further contract for the bargaining position. The
supply of equipment for the recent signing of an agreement
pipeline. The Italian state steel between France and Algeria on

export credits.

Formal decisions have been
held over until today, but an
informal lunchtime discussion
among EEC foreign ministers- in
Brussels yesterday confirmed
that there was little early pros-
pect of the Ten bowing to U.S.
pressure for limited trade
sanctions against the Soviet
Union.

Although some governments
may yet impose further restric-
tions on Soviet diplomats and
may seek to renegotiate bilateral
agreements with Moscow,
ministers agreed that the possi-
bility of a common response
remains limited.

But they look likely ot sup-

Portugal assured |
that talks on joining
EEC will continue

BY LARRY KLINGER IN BRUS5B5

PORTUGAL yesterday won
assurances that its negotiations
to join the EEC would continue
despite questions over parallel
talks between the Community
and Spain.

Sr Franca sco Pinto Balsemao,
the Portuguese Prime Minister,
who began a three-country tour
of northern Europe in Brussels
yesterday, was told by M.
Gaston Thorn, President of the
European Commission, and Sig.
Lorenzo Natali, tbe Commis-

products, and Portu gues e
officials are keen that the -two
Iberian nations should "be
treated separately so tliat
nervousness over potential
Spanish competition will not
delay Lisbon's negotiations.

The Portuguese are empha-
sising their determination to
obtain a full political agreement
on accession even if ratification
of the treaty might have to slip
beyond the 1984 target.

Portuguese officials now hope

preliminary agreement to take concern. Finsider, is seeking a gas supplies has helped clear _ ort a European Commission
up to 8 5bn cubic metres a year, contract for pipes. the way to an agreement with -

Final quantity and price remain it is also argued that con- Haly. and Sig Nicola Capria,
to be agreed. elusion of an agreement with Fore “gn Trade Munster, is

But Sig Erailo Colombo, the the Soviet Union would make it expected to go to Aiglets in the
Italian Foreign Minister, drew easier to reach an accord with Hf xt few days to press forward
attention to the economic Algeria. The trans-Mediter- the negotiations,
advantages of Italy taking gas ranean pipeline from Algeria Mr Mohammed Seddik Ben
supplies both from the Soviet via Tunisia to Italy has already Yabya. the Algerian Foreign
Union and from Algeria, and of reached Sicily but was not M inis ter, is due in Rome on
Italy's need for both those opened on schedule last Novera- Wednesday for talks which are
sources of supply. her because of a disagreement likely to include the pipeline

Some ministers fear that if on price. issue.

West German companies win pipe order

BY JONATHAN CARR IN BONN

THE WEST GERMAN com-
panies Mannesmann Handel
and Thyssen Stahlunion have
won another big order from the
Soviet Union for steel pipes to
carry natural gas.

The deal does not form part
of the controversial gas-against-
pipes contract signed between
fVe West Germans and
Russians last November, but it
is a further sign of normal
trade relations between the
two. despite the political
tension over Poland.

Mannesmann said yesterday
that the companies will deliver

this year and next a total of
3.2m tonnes of large-diameter
piping on an order from
Promsyrioimport. the Soviet
foreign trade organisation.

.As usual no figure is given
for the value of the business
but the deal helps to guarantee
jobs at Mannesman n's pipe
manufacturing works at
Muelheim. in the Ruhr, where
unemployment is high.

This is the latest In a series
of such West German-Soviet
deals since 1970. The most
recent, for 550.000 tonnes of
piping, was agreed in April

I9S1 and is due to be concluded
on schedule this March.

Meanwhile, U.S. opposition in
The gas-against-European pipes
deal — and Washington’* imposi-
tion of sanctions on some pans
needed by the Europeans for
fulfilment of the contract — is
having repercussions elsewhere
in the Ruhr.

The works council of AEG-
Kanis. an Essen-based company
involved in the Soviet deal, has
accused President Ronald
Reagan of carrying through his
policy on Poland ” on the backs
of the workers

More than 2,000 jobs at AEG-
Kanis were threatened because
gas turbine parts needed by the
company from General Electric
of the U.S. were barred from
delivery because of the sanc-
tions, the works council said.

It added that since the U.S.
had often voiced opposition to
the deal on the grounds that
Western Europeans would
become too dependent on
Soviet energy supplies. It now

to stop sales of cut-price food to
Poland. They should also decide
today to ask the Commission to
make further studies of the
possibilities for restricting im-
ports from the Soviet Union.

In addition, they are expected
to ask the Commission to take
a view of what the Ten need to
do to avoid undemining U.S.
sanctions against Moscow.

Any move to tighten export
credits may have to be pursued
over the objectiosn of the
Greek Government It will, in
any case, be decided finally
within the 24-nation Organisa-
tion for Econmic Co-Operation
and Development since a
change will be needed in the
OECD guidelines.

At the moment the OECD
classifies the Soviet Union as a
“ intermediate " nation qualify-
ing for subsidised rates of
10.5 per cent on short-term
credits of two to five years and
11 per cent on 5-8} years. Re-
classification to “ relatively
prosperous ” would raise the
interest rate charges to Moscow

seemed clear that the Polish to 11 percent and 11.25 per cent
situation was being used as an respectively.

excuse to prevent the business
going ahead.

Haig to link arms talks start with Poland

This would increase the costs
of financing Soviet trade with
the West and. for example,
raise the expense of building the
controversial pipeline for trans-
porting gas between Siberia and
Western Europe.

BY DAVID TONGE IN GENEVA

strategic arsenals with an
improvement in the Polish
situation.

Mr Haig made clear that
yesterday’s statement on

E. Berlin
warns on
sanctions

Sjr Leslie Colitt in Berlin
EAST GERMANY has warned

Gromyko: Geneva meeting

THE U.S. Secretary of State, two was arranged last autumn advanced Mig-23 planes to Cuba.

Mr Alexander Haig, is today to set a date for the long according to his aides,
expected to tell Mr Andrei awaited strategic arms reduc- Last week, the State Depart-

Gromyko. bis Soviet counter- tion talks between the U.S. and ment abruptly cut the Geneva

part, that the U.S. directly Moscow. Western diplomats be- meeting from two days to one.
links the start of any talks to lieved these talks would start This tough stand sets Mr Haig
reduce the super-powers’ in mid-March but U.S. officials at odds with Washington’s main

now rule out agreements on a European allies who see arms
date today. control talks as valuable in

A senior U.S. official, who themselves and not to be sacri-
flew with Mr Haig to Geneva ficed because of Poland. They

... on Sunday, said it was Presi- had supported Mr Haig's ear-

martial law by General dent Ronald Reagan's policy Her position that the present t* 131 four-power agreement
Wajciech Jaruzelski. the Polish *’ not to conduct business as arms talks in Geneva on med- on Berlin and West Germany's
leader, had not eased his con- usual as long as repression is ium-range nuclear weapons treaties with Poland and the
cern about Poland. However, underway in Poland”. Instead, were in a special "category” Soviet Union could be affected
Mr Gromyko insisted on arrival Mr Haig intends to use bis first of East-West relations and if Bonn participates in any
in Geneva that he would not encounter with Mr Gromyko should be kept separate from NaLo economic and political
discuss “ the domestic situation since the imposition of martial other aspects of the Polish sanctions against Moscow and
in Poland.” law in Poland to express west- crisis. Warsaw.

But Mr Gromyko added that cm outrage at increasing re- Countries like West Germany . The East German leadership,
lie was certainly prepared to pression there. and Britain have been telling in an editorial in 4he Communist

discuss " questions concerning Mr Haig also plans to tell Mr the U.S. that they need to keep newspaper Neues Deutschland,

relations between the U.S. and Gromyko of U.S. concern at rhe up the initiative against the said the sanctions which it

the Soviet Union.” Soviet troop build-up in anti-nuclear movements which claimed had been “approved” by

JLiOXcIlZU iiauuii Lire vviimia- Au1 .

sioner responsible for talks on !"th a conumtmenr from

E££%SfS&2F the^EEC°Council

nations would go ahead. 0 f Ministers, the signing of the

These included talks at a acc essi on treaty might be
technical level later this month achieved by the end of this
and a meeting with EEC year

Foreign Ministers on February gr Balsemao is to meet Mr

22, about a month, earlier ■xinderaans, the Belgian

than the simil a r negotiations Foreign Minister, today and is
scheduled with Spain. expected to be told that the

Both Spain and: Portugal are Council Presidency favours con-
due to join the European tinning the momentum of the
Community on January 1, 1984, talks.

but doubts have been raised. This would envisage agree-
especially by France, that the ment on the less vexing issues,
difficult questions Involving such as regional, social. trans-
Spanish agricultural arrange- port and fiscal policy, before the
meats may not be resolved in summer, and agreement later on
time. the more troublesome issues of

Unlike Spain. Portugal is a agriculture, textiles and Corn-
net importer of most agriculture znunity budget contributions.

Norwegian banks will be
forced to cut loan rates

BY. FAT G JESTER IN. OSLO

NORWAY’S Finance Minis ter obviously being postponed pend-
has announced a package of ing an overhaul of fiscal policy,
credit measures which include which the Government has
an adjustment of ceilings on. admitted will take time,” said
interest charges which is almost Mr Trond Reinertsen, head of
certain to force some banks to the Commercial Banks Assoc ia-
lower their rates on certain tion.

types of loan. The Ministry said the decision

The move took the market by to hold down the general level
surprise. Many observers had of interest rates reflected the
expected the new Conservative need to avoid inflationary pres-
G overament to permit a slight sures In the Norwegian economy
rise in rates on loans so that at this stage— soon after the
the banks could increase the ending of a price freeze and just
interest offered on deposits, thus before the spring wage bargain-
stimulating savings. ing. Higher interest rates

Some banks which had just would also have increased
begun to raise deposit rates may operating costs foe business and
now have to lower than. industry it pointed out

A spokesman for the com- The new rules limit interest
mercial banks said the package charges by banks to 142 per
appeared to prolong and even cent per annum on short-term
reinforce the regulatory policies loans (less than, a year) and
pursued by the previous Labour 12 per cent an longer term
administration. loans. Insurance companies may

“ The switch to a more not charge more than 10.5 per
market-oriented credit policy is cent on longer tern loans.

te>

r A

Bonn buys 18.7% less oil

BY KEVIN DONE IN FRANKFURT

Today’s meeting between the Afghanistan and the supply of plagued them this autumn.

Xan Smiley assesses Warsaw attempts to restore industrial productivity

orts to West struggle back to normal

AFTER A' hiccough of about a
mouth, many of Poland’s key
exports to ihe West appear to
be running at the same level as
before the imposition of

claims that coal production has
shot up since martial law. A
possible explanation for the
relatively optimistic export
figures is that Polish industry

martial law on December 13. may have run down so drastic-

Coal exports, traditionally the
single biggest Polish hard
currency earner, are reported
to be increasing, hut still fall
far short of the 19S0 figure.

It is too early, however, to
assess whether the Government
is running down slocks to earn
urgently needed hard cash and
convey an impression of nor-
mality, or whether productivity
is genuinely improving.

Rut West German and
Austrian importers of Polish
coal do report a significant
increase in supplies since the
beginning of the year, and
suggest tiiat Polish stocks were
not high enough to be sold to
give a false impression of pro-
ductivity'. The Hamburg-based
West German-Polish company.
Polkohle. which handies all
Polish coal sales to West
Germany, is projecting an
import of 1.4m tonnes this year,
against Ira in 1981. But this
rate of improvement is srill
grossly inadequate compared
with I960, when coal exports
from Poland were double the
1981 level.

The Polish- Autsrian company
Polkarbon. which handles all
Polish coal safes to Austria,
suffered a hroak in supplies
between December 12 and
January 10, but is now reporting
an increase in supplies. The
company’s projections for
February's imports are between
20 and 30 per cent higher than
3 year ago. The estimate for
this year’s imports is around
15 per cent up on last year.

About 90 per cent of Austria's
industrial and household coal
imports come from Poland, and
a quarter of its brown coal for

steel processing.

Polish radio and television
have been widely publicising

ally that there is a surplus of
coal which would normally have
been consumed domestically.

Unofficial reports of listiess-
ness and demoralisation in
industrial and mining concerns
run counter to government
assertions that the workers are
working harder than before.

Total output of co3l has
slumped disastrously in the past
few years, from 20bm tonnes
in 1979 (total exports 41m, of
which 26m went to the West)
down to 190m in 1980 (total
exports 31m. of which 17m went tactical games.

Poland’s Baltic shipyards,
including Gdansk’s Lenin yard,
could come to a standstill
within months because of a
lack of imported raw
materials, according to
officials in Warsaw yesterday.

The resignation of Mr
Klemens Gnicch. the Lenin
shipyard manager, reportedly
over workers’ sackings, sug-
gests that labour unrest will
continue to compound the
yards’ economic problems.

The main problem is a short-
age of specialised steel which
has already slowed production

in Gdansk and Gdynia ship-
yards. The Lenin yard was
using reserves with no pros-
spect of replenishing stocks
because they would have to
be imported and there is no
bard currency available.

The threat to the shipyards
follows the admission by Mr
Zbigniew Madej, a deputy
premier in charge of economic
planning, who announced over
the weekend that this
quarter's plan assumes an 8 to
10 per cent drop in industrial
production compared with the
same period last year.

receive them.

The urgings of ihe Polish
Government to the people to
work hard are irrelevant when
set against the need for spare
pans and better planning. The

Nate foreign ministers violated
West Germany’s treaties of
friendship with Poland and tbe
Soviet Union, as well as the
four-power treaty on Berlin.
The sanctions could “not go
without an answer.”

Mr Andrei Gromyko, the
Soviet Foreign Minister, is to
visit East Berlin tomorrow and
Thursday for talks with Presi-
dent Erich Honecker.

Until now. Moscow has
avoided even hinting at retalia-
tion against West Germany if It
adopts counter - measures

WEST GERMAN erode oil im-
ports dropped by 18.7 per cent
last year to 79.6m tonnes, the
lowest level since 1967. Demand
for oil bas fa&en as a result
both of weak economic activity
and success in energy Conserva-
tion and substitution with other
fuels, chiefly coal
Rising prices, however, en-
sured that the bill for oil im-
ports continued to ries to
DM 49.3ba (£11.4fan), 10 per
cent or DM 4.6hn above 1980.
The average price per torme of
Imported crude rose steeply to
DM 619.49 (£143) last year com-
pared with DM 456.39 (£105)
the year before.

plier last year was Saudi Arabia
which sold -Bonn 25.6m tonnes
compared with 24.6m tonnes in
1980. Britain has established it-
self firmly as the second biggest
supplier, however, with deli-
veries of 15.9 tonnes in 1981
compared with 14.6m tonnes a
year earlier. ’

Other important suppliers are
Libya, 10.4m tonnes (14.8m
tonnes in 1980); Algeria. 5.8m
(6£m); Nigeria 5.2m (10.9m);
United Arab Emirates, 3.6m
(6.4m); and Norway 2.8m (3m).

The fa&EQg level of oM con-
sumption — demand far oil pro-
ducts dropped by 11 per cent
last year — and the steep fall

demoralisation both of the ^5 cause Polish military

workers and of rh e Party takeover. By letting the East
administration (now under German leadership issue a warn-
threai of sweeping purges at in S. ] t “ as avoided appearing
the hands of the military) is J" threaten Bonn which it has
paralysing the economic w °°i n 3 assiduously

burcacracy. East Germany’s assertion that

Threats to use force to pro- foui^power Berlin treaty
cure food and grain from the a ^ SD been violated is also a

However, prices have faflan in tbe amount of erode processed
considerably since the peak of by domestic refineries bas pro-
DM 659.45 (£152) in August doced severe structural pro*
Helped by the Deutsche Mark’s blems m the country's oil
strengthening ag adu a t the U.S. industry. Most leading com-
dollar and a. general weakening panies are closing part of their
of oil prices worldwide. West refinery capacity and the
Germany paid only DM 612.32 -indostty is mining to cut its
(£141) per tonne for crude on- total capacity of some 150m
Ports in December. • tonnes a ’ year by 40m tonnes

West Germany’s maria sup- over the next 12 morphs.

to the West) down to an esti-
mated 163m in 1981 (total
exports 16m, of which Sm were
delivered to the West).

On January 12. however, War-
saw radio announced that
Polish miners were “ regularly ”
extracting 620,000 tonnes a day.
which would give an annual
total of 193m tonnes. A large
part of that hoped for increase
would he due to the reimposi-
tion of the six-day week, con-
travening the August 1980
Gdansk agreement between
Soiidariiy and the CnvernnienL

There ' have also been hints
that the West Germans an d
Austrians, at present the only
beneficiaries of increased
Polish exports, are gaining
better trade treatment as a
reward for their cautious poli-
tical approach to martial law.

If deliveries of coal to West
Germany and Austria appear to
be returning to a better level
than immediately before
December 13. the export of
copper u> West Germany has
been stickier. Poland earned
more front copper exports to
West Germany in 1980 and 1981
than from coal exports to the
federal republic.

Kabelmelall. the copper-
producing company based in

ihe generals in Warsaw- would
like.

Ail :he main Angle-Polish
companies importing Polish
goods report that the flow- of

supplies is back to normal. ... . - .

althoush Rldpath BEK, the ** danser o£

peasants, who have been with-
holding supplies because they
are paid too little and can
hotter acquire consumer goods
for themselves by private bar-
ter. could still further set the
people against the new Govern-
ment. At the same time, the
general’s decision to go ahead
with price rises of betwen 200
and 400 per cent for basic goods
and services from February 1

Anglo-Palish food import com-
pany has ceased to import any
meat.

Anglo Dal Ltd., which imports
electronic and construction
equipment. Daitradi? Ltd..
Poiibur Engineering Ltd. and

Hanover which is 70 per cent TI Polmach. all of which import
owned by GHH. Europe’s industrial goods, say rhat
biggest mechanical engineering imports from Poland have been

outbreaks of unrest.

Increases in average income
of 27 per cent in 1981, although
enough to be severely in-
flationary. do little to soften
ihe impact on ordinary people
of the sharp climb in the cost
of living.

Whatever small shreds of
encouragement General Jaruzel-

proup. has received no copper
from Poland since The end of
November. Siemens, however,
reports regular supplies since
rhp New Year.

Most companies importin::
raw materials of ail kinds
report a break in supplies from

There have been signs that December 13 until the end of

the Polish Government may try
to practise “ s-vlecnvily ” m its
debt repayments to particular
Western banks to break the
creditors' hitherto solid ranks
on the debt question. But most
hanking analysis reckon that
Poland’s foreign currency needs
are so desperate that it doe*;
not have time to play such

the year, with the situation
reverting to normal after that.

arriving as normal since the
New Year
importer of Polish sulphur. »•,
receiving shipments again as
norm id. after a three-week
break.

It !> ion early, however, to
deduce that productivity is
returning to normality simply
because transport is " running
reasonably well. It may be

warning to the three Western
allies- Berlin has been
unaffected by the Polish crisis
until now, but in' any widening
conflict about Poland between
East and West, tbe Soviet lever
id Berlin would undoubtedly be
reactivated.

The Neues Deutschland
editorial said there was a con-
tradiction between Chancellor
Helmut Schmidt’s remark that
Bonn should take a moderate
stance on Poland, and West
Germany’s support for counter-
measures.

The newspaper said the
Warsaw Government had
neither “consulted nor
informed ” its allies “ before
introducing martial law." It
also refuted the claim by the
opposition Christian Democrats
in West Germany that Herr

Overall, however, the produe- carrying stocks already in place

ski’s government can draw

ir-T 131 i. S,n i CC A- ne from reL ’ ent export figures, he Schmidt was duped during his
ILI. the tracing remains trapped in a dilemma, talks with Prpiident Rnnoplmr
If the economy is to recover
properly, the Government needs
the collaboration of the bulk
of the Polish people to effect
economic reform, but it is hard
to ?ce how the people will col-
laborate without the guidance
of the Solidarity leaders. Yet
if they are released and allowed
to play a full legal part on the

talks with President Honecker
on December 13. They claim
rhat the East German leader
knew in advance about the
military measures planned In
Warsaw.

The East German editorial
widened Moscow’s bitter attack
over the weekend on thrt Delia n
Communist Party, which con-
demned the Polish military

lion of major raw materials in before martial law wj* declared, national stace. it is equally hard regime, by incl uding the
Poland is reckoned to he down Even under relatively normal to see how they will recant their Spanish communists. It said

Zia denies Pakistan is
developing nuclear arms

»Y DAVID HOUSEGO IN PAWS .

THE PRESIDENT of Pakistan, discussions.

General Zia ul Haq, flatly France ' rescinded an ' agree-

denied yesterday that Pakistan, ment to supply a nuclear re-
had the capability to develop processing plant to Pakinstan
nuclear weapons or intended to in 1978 under pressure from the
acquire it U.S. as a result of suspicions

The statement follows reports that the Pakistanis we:
from Washington at the week- attempting .to develop a bomb,
end citing intelligence sources, Gen Zia spoke of the * 4 under-
that Pakistan would be able to s tan d ing , attitude "of M Mltter-
detonate a nuclear device within rand towards Pakistani concern
three years, but would refrain about the Soviet occupation of
from doing so In case this en- - Afghan istan. , P ak istan officials
dangered U.S. economic and P rivateI Y contrasted this with
military aid. - the attitude of former French

The President insisted in p F esideilt Giscard d*Estaing, ,9 b^' a *4
Paris that -in no dreum- whose attempted initiatives
stances ” would Pakistan pro- 2 *■£ Afgamstan embarrassed i .
dace a nuclear bomb. He added, * <wn diplomacy on frnmrd n

however, that his country was w.: f‘

Mpany

that too

tna

were ? ■ "we
SS-« held

982 it
. MtsjU.
hso , >. 27
•Tyn*. In
. R*OOrt

fena ch *

l Dlr«-

lliat an
ol the
the con-
Meetlnq

r_i

L.

acquiring nuclear technology

The Pakistani President's

for peaceful purposes; ~ mainly ^ intended to 1

Senior Pakistani officials ^ i

make a distinction between he ~

Jttend and
j. Secretary

by 12 10 27 per cent for 1981.
Even if Polish productivity
accelerated sharply, i !■<? world
recession would preveni the
West from buying as much as

circumstances. Lonipanies in

West Europe buying Polish
manufactured goods usually
place orders two to three
months before they expect to

demands not jusL for economic that what was taking place in
reform but also for ihosc poli- Poland was " basically none of
tical freedoms which the their business” and that they
cenerals seem determined to had "stabbed the Polish Com-

crusn.

nuclear

and exploding a nuclear device “J

as part of the country's de- of £

velopment programme. Mr . Z?**,*^' '

Ag-a Shatai, Pakistan’s Foreign FraLs*

Minister, reiterated earlier this fodiaL A *the

month that Pakistan retained Min^e 2000 ^tiShte/ He
* e . rigg detonate a device jESSVt PaifasW "Rfid
and had given toe UB. no taitriy acquire wfeat itneeded
assurances on this score. .for toe country's
Speaking after talks with though «iot
President Francois Mitterrand created friction in
yesterday, the Pakistan leader ^ region.

also put down speculation -that -'financial tiiw*i — _ Tn .

be would seek a renewal of hnS? ffjjrp

nuclear cooperation with ?3K.c6 ^7’ anr !i ®'=

M PETITION.
ib. Paintings
Uonu Art
The Mail.

France ’ He said that nuclear a »

mumst Party in. the back. ^issues -had not come -up-in their- dwSeft *" d - . mniina f •

fi

■y $ ...

. - • '^ ■*-■**:» *tr3

bs Tuealas^anuaiy. 26 1982

Ihl > -:.. •'-. v~

OVERSEAS NEWS

3

BT.WTOWBSPf MdpaMOTT M CAIRO

SkV

. u . V,

■ '4>.

'■<&.

' 7.

' v

’ ■* ‘1. <■

. -.NX

»: •- Sl ?

vj* . \

. % EGYPT, -as • -part of -i president
; '■>" IToshr^Mubarak’s' policy of isn-

• proving ■-.reiatioas wftb ’ the-
■■■.■; .Sorter - Uzrknv .-•• lias -asked

Moscow to sen <1.66 technicians
.?■: to,/.. beTp^^aaH'Hecoiiomic co- ’
operation;- • •

V- The/Sate- President Anwar

• Sadat ‘Came -dose - to a complete

r dipfwaaflc break wife Moscow :

• v -Jasc ._- September .- when. .he. ex-

peaed J the. Soviet. Ambassador
r .jmd' six... other, diplomats and ■
about 1JOOQ .technical . experts.

■ ‘‘The* technicians were working
.on- the Aswan togh 1 dim. the
Hdwan iron- and steel complex
- near Cairo, the aluminium
•■■ plairt af Nag Hamadi in tipper
-“Egypt, as well as a iand recla-
. -r; : mtfttoif - prbject • .in .fee Nfle
-U.; delta and - some .'cement and.
asbestos plants.

At the time much was made
in the Press of the fact that
' these plants -could manage well .
without Soviet assistance. Bat

- Foreign Ministry officials have
admitted that managers at the
industrial plants - asked the

...Government .'to permit- the
Russian experts to return.

- The Soviet embassy in Cairo
now has. two extrar diplomats on
its staff , in keeping : with the
recently announced acceptance
by JBgypt of Moscow’s request
for the numbers to be increased.

AlthoHgh the improvement An
relations between the- two

countries seems to he moving
fast, it is not . at the expense
of Cairo's close- ties with the
US. Egyptian foreign policy,
after the dominating closeness
with Washington of the. Sadat
ora, is now aimed at’ supple-
menting that relationship with
closer links with the non-
aligned world, Africa and
-Europe, -an cHn the longer term,
with the rest of die Arabs.

- It is - expected that ■ the 66
Soviet technicians will go to
the three major projects: the
- high dam. the -aluminium plant,
and the- iron and steel works.
... Mr Maher Abaza, the Energy
Minister, recently welcomed the

S arturipation of the . Soviet
mon, along 'with' the U-S/and
Prance, in redeveloping and
modernising the Aswan high
dam, which was built with
Russian aid and according to
Russian design in the;l960’&
According to Mr Abaza, the
. dam provides 65 per cent of
Egypt’s energy needs. Its
redevelopment wfll take seven
years, with the -three countries
sharing work on. the six twin-
turbine power, stations and
ancillary equipment.

It . is expected - that an
.Egyptian trade mission will
shortly conclude a new agree-
ment in Moscow' to raise the
level of trade* by up to 20 per
cent this year.

n. 11 7

.’■ai.' —

I .. J*.

Gulf Defence Ministers
seek to alight policies

BYNAMES DORSEY'** KUWAIT AND
PATRICK COCKBURNIN LONDON

Tz7-Z. : -

ec'-'
; siv

'r/s *

DEFENCE Ministers- £rozn the
six-member Golf jCo-apeTation
. Coiindb started :^woj <d&ys of
' talks ki Riyadh ye9ten»$ .■•■to ctf-'
ordinate idefence policy Jst
: -region.- The meetiog -ha^ been
■ ' given- greater ifegencyVhy .fee . !
-'disecsmy of : - a ■¥**“*■*““
(byJranA&acked religj_ ;

’ mentaUsts). against, the
-v meid: in Bahrain.

7 ;5Two. Sta^H' new . .

’’ ‘pointed T^fcran yesterd
raftjor ihreat' tti the
the bw Prince
Abdul AzbC the Saudi
Minister, . denied' feat'
coordination
sosHWt -"■'lBy-jri i So

M-'. W ' W ‘ "?> ” *•

-The ..GWMRlffera . Comb

. til, cocsisfeng, of Saudi Arabia,

Kuwait, Oman, Qatar, Bahrain
and the- United. Arrt> Emirates,
has also been worried by re-
cent military successes by the
Iranian , army

The meeting which ends to-
day is <tisra»«:niiT^g a Gulf security
pact, & joint air defence system
.And integration of .weapons
systems, prince Sultan, how-
ever, appeared to reject arms
'standardisation . because, it
Id make . Gulf . countries
indent on a single source
weapons. '

Ali Akhban . Vdayati, the
n Foreign Minister, gave
^strong warning to the coun-
ts member states last- week.
r ...!.said they should. remember
that " Iran is -the greatest and
most powerful country in -the
region.

Russians
seek to r
defer
payments

THE Soviet Union has- asked
Japanese trading- houses to let
It defer for np to six months
payments due for textile pro-
ducts, AJP-DJ reports from
Tokyo. Some of the Japanese

- companies . have reacted
coolly.

Officials of Marubepi, G.
Itofa and other major trading
houses said the request was
made by a Soviet textile
export-import office, to about
ID Japanese companies. The

-request is said to cover con-
tracts valued at 5150m
(£B0xn). The daily newspaper,
Manipfij s hnn hna. linked the
request to a drop in Moscow's
foreign - currency reserves
resulting from grain pur-
chases to compensate for the
poor harvest in 1961 and an
increase in financial ^ to
Poland.

• The companies said the
Soviet trading office gave so
reason for its request. They
added that they will probably
reject it and pointed out that
once before when a similar
request was rebuffed, the
Russians paid up.

Iranian arrests

A number of radical
Mujahedin guerrillas have
been arrested in Iran in con-
nection with the escape to
France last July of ex-
President Abolhassan Bani-
Sadr, Renter reports, quoting
the- Islamic Republic News
Agency.

Hojatoleslam Mohammad
Reyshahri, chief of the

' armed forces revolutionary
courts, was said to have dis-
closed that some guerrillas
infiltrated the air force's
Base Number One and helped
Mr Ban! -Sadr

Cairo-Tripoii move

Restoration of diplomatic
relations between Egypt and
Libya is imminent following
top-level contacts between the
two countries, AP-DJ reports
from Kuwait. A senior
Egyptian official is said to
have hinted that contacts for
the normalisation of relat-
ions have been undertaken
by Mohammed Hascmpiii
Heikal, former editor of Al-

Ahnun

Libya is said to be taking
•all necessary steps” for
withdrawal of its forces from
Chad . and the Sudanese-
Libyan frontier as one erf the
conditions stipulated by
Egypt. Tripoli is also re-
ported to have agreed to stop
mass : media propaganda
against Cairo.

Sit

unces

repbrfip split

THE:

liberation

-:-5

• yOrganisatwir Js$ dismissed as
•s: unfounded allegations - of dlvi-
>:«ons^'tis : ran%Thsan Hijazi
l - ^jpepqrts from Beirht The organd-

;• said • yraterday that a

V- Maimed - -of its diplo-

■?U inaticflHps atawd did not carry
r:-- ahy political ,, implications. It
-;;-;^wfls;:a .iwrt&ie matter. .

.';The PliO-jdenial came after
:' : \lPress r tepqrts of an aDeged
^ between' the head of the

- “Apolitical jfepartment. Mr Farouk
';. Saddtrami,. - and " Mr .Yasser

- Arafat, the PLO’s chairman:

Syrians accuse Amman

BY LOUIS FARES IN DAMASCUS

FURTHER ' deterioration
occurred yesterday in relations
between .Syria and Jordan
-when the Government in
Damascus accused, the Jor-
danian intelligence service of
planting a bond) in Amman,
Hie - Jordanian capital, and
blannng the explosion on a
.Syrian diplomat
' Syria said last week that two
members of a military patrol
had been killed on the border
with Jordan and that . the
infiltrators who made the
attack received covering fire

from -Jordanian army units.

Our foreign staff adds:

Relations between Jordan and
Syria have been bad sauce the
end of 1980

The tension between Syria
and Jordan is blamed for the
delay to the start of the Arab
Foreign Ministers meeting in
Tunis at fee weekend. The
ministers were due to discuss
their reaction to Israel's

annexation of the Golan

Heights, but the tails have now
been postponed until next
month.

in is : , !

iraritf e

H TheXerox485 facsimile machine can get a letter from
one end of the country to another inafew

minu tes, come rain, hail, or high water.

V • ’Pnrmor f> inf ormation diallOO and ask the operator

for Freefone 2279,

Mark Webster examines why two African states are to merge

Gambians fear loss of identity

WINSTON CHURCHILL was
once flying over the tiny west
African state of fee Gambia
when he looked down on the
capital, then called Bathurst,
and is said to have remarked
acidly: ** If feat is colonialism —
I am against it”

His words have a bitter ring
of truth in the ramshackle,
dilapidated city renamed Banjul
since independence in 1965. The
Gambians feel that everyone is
against their country’s continued
independence. Their parliament
has just ratified an agreement,
which most observers believe
heralds fee country's eventual
absorption by the much larger
Senegal which surrounds it

The agreement created a con-
federation between Senegal and
fee Gambia for -fee formation:
of &n economic and monetary
union, fee integration of fee
armed forces and a common
front on foreign policy. At
the same time, it emphasises
feat both countries will main-
tain their own parliaments and
retain their independence as
sovereign states.

Many people in fee Gambia
and Senegal believe fee accord
is only the first step towards a
federation which Senegal, with
ten times the population and 15
times the land area, will control.

What makes such a fusion
even more likely is that the
Gambia’s friends, especially
Britain, as the former colonial

power, are breathing a sigh of
relief that Senegal is prepared
to assume responsibility for
what they see as a burdensome
colonial aberration.

Nevertheless, it remains to be
seen how the confederation will
work in practice, how long it
will eake to p.ut in place and
whether fee Gambians are
prepared to accept it. It is also
unclear bow Senegal, itself Jr
serious economic difficulties, can
afford to take on the additional
financial burden of a declining
Gambia.

The -Gambia is a by-product
of 19th-century colonial
rivalries, when Britain seized
200 miles of fee Gambia river
running through the heart of
French ‘ occupied territory.
Although the two former
colonies have much in common,
they have developed separate
French and British administra-
tive systems, which will be bard
to integrate.

More importantly, the Gam-
brans have developed a sense
of national pride — at least in
the urban areas. There are
already strong signs of dissent
between Banjul and Dakar
about what fee agreement
means and how quickly it
should be implemented.

“If Senegal tiles to push
things through too fast it will
undoubtedly create resentment
in the Gambia. It remains to be

seen how sensitive they will be
to fee Gambians’ pride,” said a
diplomat £n Banjul.

The problems stem from fee
almost indecent hast with-
which fee agreement was drawn
up following fee abortive
attempt to topple Sir Dawda
Jaiwara, fee Gambia’s President,
while be was attending fee
Royal Wedding an London last
July. Sir Dawda, a Glasgow
trained vet, was only returned
to power wife the help of
Senegalese troops who defeated
Gambian rebels.

Since fee coup. Sir Dawda
is said to be no longer fee
ebullient out-going main who
has led Ms .country since inde-
pendence. Observers conclude
feat fee Senegalese obliged him
to .agree to a confederation be-
fore they would intervene on
his behalf. - Officials in both
countries refuse any comment

Whatever fee circumstances in.
which Sir Daiwda agreed to the
union, his continued survival
depends on fee Senegalese.
Several hundred Senegalese
troops and gendarmes are ex-
pected to remain m fee Gambia
even though here is increasing
resentment about their pre-
sence.

Because they guarantee Sir
Dawda’s own security, he has
little choice but to force
through some of the more un-
popular measures contained in
the agreement.

Above all, the Gambians re-

. sent the fact feat an economic
and .monetary union wall put an.
end to the (lucrative “transit
trade” of goods, which ate im-
ported cheaply into fee Gambia
and then smuggled to neigh-
bouring countries. Although it
has made individual Gambian
traders wealthy, it is also vital
to fee Government, since nearly
two - thirds of government
revenues come from import
duties. Wien fee transit trade .
ends, the Gambia will import
less, and the Government's in-
come from import duties wall
shrink.

This year’s groundnut crop —
fee Gambia’s staple commodity,
which has provided 85 per emit
of its domestic exports in
recent years — is expected -to he
better than it was in 1981, the
worst harvest in three decades.
However, it will take the
Gambia some time to recover
from a continuing decline in
gross domestic product while
the population carries on
growing.

The declining groundnut crop
has pushed fee balance of pay-
ments stubbornly into deficit.
The trade deficit reached a
record high in 1980-81 of delasis
225.4m (£56-3m) and foreign
exchange reserves barely cover
one month’s imports.

iGeneral confusion over fee
future of fee confederation has
deterred fee International
Monetary Fund from sanction-

ing a vital feree-year extended
fund facility for fee Gambia,
which was on fee point of I
agreement. - Aid donors, who
provide a substantial part of fee
investment budget, are also .
wary of fee impact of fee fede-
ration.

Although fee Gambia has
fought to maintain its inde-
pendence for the past 16 years,
many people believe feat Sir
Dawda has given up fee unequal 1
struggle and is now preparing
for fee complete merger of his -
country wife Senegal before his
own retirement.

A banker In Senegal summed
it up: “ The two countries share
a common language in Wolof *
and a common religion in Islam.
They have constantly inter-
married and they regularly
trade across fee borders.
Frankly, fee orily difference is
their colonial heritage and that
will gradually become less
noticeable. The disappearance
of the Gambia is an historical
inevitability.” Winston Churchill
would probably have echoed his
words. <

Bonn talks on Namibia issue

BONN — The Western con-
tact group on Namibia met
in fee West German capital
yesterday at the start of two
days of talks- about -fee future
of the South African-adminis-
tered territory.

The beads of fee African
departments in fee U.S..
Canadian, British, French and
West German Foreign Minis-
tries are understood to be
discussing reactions to their
latest proposals for a future

Namibian constitution.

Replies from the South West
African People’s Organisation
(Swapo) and’ from African
front-line states have been
received A spokesman for fee
South African embassy in Bonn
said his Prime Minister, Mr
Pieter Botha, would be making
a statement in connection wife
the proposals later this week.

The East Germany news
agency, reporting from Lusaka,

said: “The proposals try to
maintain Pretoria’s and the
West's economic interests in the
mineral wealth of Namibia.” It
quoted Tanzania’s Foreign
Minister, Mr Salim Achmed
Salim, as saying after a meeting
in the Zambian capital that the
front-line states “unanimously
supported attempts by South-
African occupied Namibia to
reach independence quickly.

AP

Eritreans claim successes

KHARTOUM— Eritrean guer-
rillas said yesterday they had
attacked Ethiopian troops in
fee provincial capital, Asmara,
to disrupt preparations for a
big offensive against them.

They said they shelled
Asmara: airport on Friday, set-
ting fire to several Soviet-
supplied MiGs and helicopters,
attacked a divisional barracks
near fee airfield and briefly
occupied two villages.

At a Press conference in the

Sudanese capital. Khartoum,
fee Eritrean People’s Liber-
ation Front said 2,600 men had
taken part in the attack which
lasted about eight hours. *

Mr Ramadan Mohammed ,
Nur, secretary-general of fee 1
EPLF. said fee guerrillas
expected an Ethiopian offensive
to be launched soon, possibly
within a week. Four Soviet
generals had arrived in Asmara
to help plan the operation
Reuter

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Financial Times Tuesday January; 26 J982

AMERICAN NEWS

WORLD TRADE NEWS

Stormy session ahead for Reagan I Mexico to

BY KEGftttLD DALE, US. SHTOR IN WASHINGTON

THE 97th U.S. Congress
reconvened in Washington yes*
terday for what is certain to be
a stormy session in which Presi-
dent Ronald Reagan’s political
skills will again be put to severe
test

Not only will the President
have to fight a stiff uphill battle
to achieve new, and Increas-
ingly painful budget cuts, but
decisions on divisive and
emotional social issues — such as
abortion and school bussing —
put off during the last session,
can now no longer be post-
poned.

Overshadowing the session
will be the November mid-term
elections in which all 435 mem-
ben of the House of Repre-
sentatives and 33 of the 100
Senators face re-election.

Democratic leaders, dis-
heartened by Mr Reagan’s Con-
gressional triumphs last year
with his tax and budget-cutting

Chrysler may
sell defence

programme, hope that the
approach of the elections will
help to restore traditional party
lines and fracture the coalition
of Republicans and Right-wing
Democrats on which those
triumphs were based.

On the other hand, (be Demo-
crats face the dilemma of how
far to obstruct the economic
policies of a President who is
sum widely popular, prompting
the possibility that he might
M run against Congress” in his
rermpaig n for more Republican
seem in November.

The Republicans, too, have
their problems. They are
divided on the need for new
tax increases to help narrow the
yawning budgetary deficits
looming ahead — am issue on
which Mr Reagan is expected to
pronounce late tonight in Ife
first Stale of tire Union
message.

They will afco be subject to
considerable strains on the

social Issues, op which tire
“new Right” is determined to
have its way but is often divided-
as to Ube means.

There will be a. painful debate
in the Senate, beginning in early
February, on the future of
Democratic Senator Harrison
Williams of New Jersey, con-
victed in tire so-called
“ Abscam ” bribery scandal,
whose expulsion has been
recommended by the Ethics

Committee.

Unlike the autumn, when the
vote on airborne warning and
control systems (Awacs) air-
craft sales to Saudi Arabia
provided a major foreign policy
issue for Mr Reagan in Congress,
tire focus in the coming weeks
is likely to be on, domestic
issues.

In Congressional terms the
next two or three months are
likely to be “tumultuous," Mr
Howard Baker, the Senate
Republican leader, predicted at

the weekend. .Having - worked
for the postponement of the
“emotional” issues in the. last
session, while Mr Reagan’s
economic programme was being
pushed through, he would now
urge an early stmt on them, he
said.

Victor Mackie writes from
Ottawa: The depressed

Canadian economy dominated
proceedings as Parliament
reconvened yesterday after its
lengthy Christmas break.

With the Canadian constitu-
tion about to be repatriated
from Britain, this winter
promised to be Premier Pierre
Trudeau’s season, of triumph.

Instead, angry Conservatives
and New Democrats tore into
Mr Trudeau and his ministers
at the opening session for the
failure of Government economic
policies to hold down inflation
while throwing more than j . m
out of work.'

BY IAN HARGREAVB IN NEW YORK

subsidiary

By Our New York Correspondent

CHRYSLER, the U.S. motor
company which is again ex-
periencing a cash crisis,
appears to be moving closer
towards the sale of its profit-
able defence subsidiary.

The company has held talks
with three companies — General
Dynamics, Teledyne and LTV.
But LTV, in the first official
comment on the talks, said it
had now formally dropped out

The subsidiary makes both
the M-60 and M-l tank for the
U.S. army, and is thought to
he worth a reliable $G0m
(£32m) a year in pre-tax profits
to its parent.

Chrysler has said it will, if
necessary, sell one of its non-
core businesses in. order to stay
afloat through the latest drop
in car demand.

Opinions vary widely on
what the defence company is
worth. The most frequently
quoted estimate is $30Qm.
Chrysler is expected to report
shortly a loss of about $700m
for 1981.

WORKERS IN the U.S. rubber
industry have outlined a tough
set of bargaining demands for
their forthcoming contract
talks and say there is no chance
of them following the United
Autoworkers Union into con-
tract concessions with the major
tyre companies.

Leaders of the United Rubber
Workers’ Union said in the first
statement on their bargaining
stance that they would seek to
preserve the eost-of-Uving
indexed formula on which their
pay is based. They would also
demand an overall improve-
ment in the lamp sum portion
of their contracts.

In the talks, due to start in

March, the union will also push
for better terms on job security
and severance pay when its
members are forced to retire
early or are laid off. .Since the
last contract talks in 1979, about
29,000 of- the union's 55,000
members have lost their jobs.

Mr Mike Sterne, the hew presi-
dent of the union, said, that in
spite of the shakeout in the
industry — caused by the motor
slump and the fact that U.S.
tyre makers were stow to spot
the switch in market preference
from cross-ply to radial tyres —
the tyre companies, unlike the
motor companies, were still
making money.

In the past, tire union has in

NEW YORK— « “site emer-
gency" was declared yesterday
at the G inna nuclear power
plant in Ontario, New York,
after a steam tube ruptured in
a primary cootmg system,
releasing radioactive steam into
the atmosphere.

The plant, about 18 miles
from R oc hester, was shut down,
said Mr Gary Sanborn of the
Nuclear Regulatory Commission

(NRC). It is a pressurised water
reactor.

There was " no danger to the
public at this time,” according
to the operator of the plant, the
Rochester Gas and Electric
Company.

A “site emergency” declara-
tion is tire second highest in
NRC classifications. The most
serious is a general emergency.

“There are indications of a

William Chislett reports on a test of political reform in Juchitan

Mexican Left flexes muscles

THE DUSTY, Communist-ron
town of Juchitan in Mexico's
strategically located isthmus of
Tehuantepec has become a test
case of the Government’s inten-
tions to liberalise the political
system dominated for the past
53 years by the Institutional
Revolutionary Party (PRI).

Juchitan (pop. 100,000), which
Is on the Pacific coast rad of
tire new land and rail bridge
linking the Golf of Mexico with
the Pacific, is Mexico’s first left-
wing controlled town. Next
July, the Left will be allowed
to compete in Mexico's presiden-
tial and general elections far
the first time.

Juchitan is also the only town
controlled by Communists on
the American mainland. Ever
since an indigenous group of
peasants, students and workers
known as Cocei swept the PRI
out of Juchitan’s town ball last
year in an alliance with the
then Mexican Conumunst Party,
Juchiten, the second largest
town, in the rural state of
Oaxaca, has been under attack
from state authorities and local
right-wing interest groups.

Two attempts have been made
on the fife of Sr Leopoldo de
Gyves, Juchitam’s mayor, and a
member of the new town council
was recently tortured and
murdered. ...

Tfce state atrthontH.es nave
also held up funds to which the
town is entitled end have tried
to carry out an audit on
Juchitan’s books in what Sr de
. Gyves calls a “ politically moti-
vated attempt to discredit us-”

An audit was never corned
out while the PRI ruled the
town. To judge by the facts that

juchitan has only six paved
streets and three tiny health
centres, at Ss questionable what
PRI mayors did with the town’s
budget Sr de Gyves claims that-
his PRI predecessors used the
funds to feather their own
nests.

Although Juchitan has 1,000
bars, more than half the homes,
many shacks, are without run-
ning water and drainage.
Eighty per cent of the largely
Zapotec Indian population are
illiterate. Mangy dogs feed off
piles of rubbish in the streets
and drunks lie under pakn
trees in the main square.

Juchitan shot to national
prominence when the recently
formed United Socialist Party
of Mexico (PSTJM) — a frag-
mented left-wing alliance
formed around the disbanded
Communist Party— rushed to
defend the town for the next
elections.

This month in Juchitan, the
PSUM held its largest election
rally, attended by 10,000 people,
who gave a rapturous welcome
to Sr Anioldo Martinez
VeriTugo. the PSUMTs presiden-
tial candidate.

The atmosphere was mar-
kedly spontaneous, compared
with the PRTs artificial meet-
ings which peasants were some-
times coerced to attend or
encouraged to go by food gifts.

A giant flag bearing the
hammer and sickle covered the
town hall and hundreds of tiny
red plastic Hags were strung
across the main square.

Barefoot Indian women,
wearing traditional multi-
coloured skirts and ribbons in
their pleated hair, were the

'I Msrico"' ■*

y Caribbean.
Sea

Pacific ' s ';i

■, -//.Ooeajv ; '

most vociferous in shouting anti-
government slogans during a
march through the streets lead-
ing up to to the rally.

The mood of the speeches,
many given in Zapotec as well
as Spanish, was defiant The
leader of Cocei, which grew
eight years ago out of disputes
between peasants aod land-
crwn era. warned that if the
Government dosed the door of
political reform and allowed
Juchitan tQ be undermined,
then “ we know how to defend
ourselves.”

The blood of Cocei members
killed by local employees bad
not been given in vain. The
electoral victory would be
defended “ to the tost man,** he
said.

Sr Martinez Verdugo said that
it was not enough to win vic-
tories. People must also know
how to defend them and the
Left was committed to Juchitan.

Meanwhile, Cocei has
organised itself .into small
neighbourhood committees.
Faced with the lack of funds to
improve public amenities, it is
carrying out voluntary work,
including a literacy programme
and a scheme to pave the
streets.

In spite of tremendous social
problems, such as those
experienced in Juchitan and
many other run-down towns
like it, Mexico has been
remarkably stable for the past
50 years. But peace has been
achieved under a “one party
democracy," with the PRI,
through its peasant, middle-
and trade union sectors, con-
trolling most walks of life.

The Government's decision to
open the next elections to the
Left is an attempt to steer dis-
sent through an institutional
framework and avoid toe poli-
tical violence which plagues
most of the rest of Latin
America.

The liberalisation is taking
place— on purpose — at toe same
time as Mexico embarks on a
delicate period of high economic
expansion, when expectations
are being raised by the coun-
try’s massive oil wealth.

It fis at grass roots level, like
Juchitan. where - the' political
reform is most keenly felt.

The leader of the Communist-
run trade union for universi-
ties, the PSUM’s foothold in the
otherwise PRI-dominated union
movement, said toe Left would
fail in Mexico if fit could not
“ create many Jucbitans.”
Whether ft can or not will
depend on whether Juchitan is
allowed to survive.

Rubber workers outline demands

specific cases — such as toat of
Uniroyal— agreed to contract
concessions. But it has refused
to make any general allowances
in an industry dominated by
Goodyear, which remains a
financially strong operation.

Nor has toe union shown any
interest in moderating its stance,
as some feel it might have, to
try to soften toe anti-union
resistance of. Micheflin, toe
large French tyre company
which has become a major force

The union’s position on its
contract may also make it
harder, in toe near future for
the rubber workers to merge
with the UAW, as has been
proposed.

‘Site emergency’ at U.S. N-plant

leak from toe primary system
to a secondary system in a steam
generator tube,” said a com-
mission official.

The official said toe commis-
sion had opened -a centre at a
Pennsylvania regional office to
monitor events and provide a
central location for information.

About 45,000 people live
wi dihin io miles of toe plant
AP

maintain
sales of
gold coins

By David Marsh

MEXICO, ONE of toe world's
top gold coin producers, aims
this year at least to equal toe
total of 1.3m ounces of coins

it sold on international
markets in 1981, according to
toe country’s central bank.

Sr Carlos Ruiz Sacristan,
manager in charge, of gold
coin trading at toe Banco de
Mexico, said in London yester-
day that 1981 sales had
rou g hl y doubled from the
565,000 figure of the previous
year, despite the depressed
bullion market.

-Mexico, in fine with other
cou n tries cashing in on coin
demand, has started an
advertising campaign in toe
U.S. and Europe.

Selling would start directly
to Tokyo in the first quarter
of this year, Sr Ruiz said.

Along with toe UK, Mexico
Is jockeying to become the
world’s second biggest gold
coin producer after * South
Africa. The British sovereign,
marketed discreetly by toe
Bank of England without any
sales promotion, has for years
been the world’s most
popular coin after the South
African Krugerrand. But it is
now coming under starring
competition from the nine
different gold coins produced
by Mexico.

Mexico uses Its own gold
production for the minting of
about half its coins, and buys
the bunion needed for toe
rest through international
banks and brokers. Sometimes
it acts through the Bank for
International Settlements.

About 45 per cent of its
coins are sold through the
Swiss Bank Corporation in
Zurich. The rest are sold
through New York and Mexico
City. Sr Ruiz, who is also
visiting Luxembourg, Frank-
furt, Zurich and Geneva on a
promotional tour, said be was
investigating the idea of sell-
ing coins directly through
London.

Mexico, toe world’s biggest
producer of silver, also
intends to produce a one
ounce silver coin for export
in toe first quarter this year.

The central bank keeps
about 4 per cent of its reserves
in silver and 21 per cent in
gold. The country’s gold
reserves are stored in Canada,
New York, Switzerland and
Mexico itself.

Consortium
takes over
Jari complex

RIO DE JANEIRO-— The.
Amazon dream of Mr
Daniel K. Ludwig, toe U.S.
shipping magnate, formally
came to an end yesterday
when a consortium of
Brazilian banks, insurance
companies and industrial
conglomerates took over his
vast but ill-fated Jari jungle
agriculture and minerals
project.

A document filed yesterday
with toe Rio de Janeiro State
Corporate Registry legally
transferred the title of Mr
Ludwig's 1.6m hectare
forestry, cellulose, ceramic
clay, farming and ranching
complex in northern Brazil to
a group of 23 Brazilian
companies.

The Brazilian companies
have pot up a total of SlOOm
(£53m) in starting capital
aided by an additional 8180m
in nan-voting capital pledged
by Banco do Brasil, the
Government - controlled com-
mercial bank. The consortium
says it can guarantee pay-
ment of toe Jail project’s
$34 0m current debt and also
fund out-of-pocket operating
costs of toe project for three
years.

AP

Chile bars exiles
from funeral

CHILE’S military Govern-
ment has prevented four
exiled Christian Democrats
from entering toe country to
attend funeral services for
former President Eduardo
Fret, Mary ' Helen Spooner
reports from Santiago.

Japan to
from U.S

up

'-••i-.f tJ . ,

I TOKYO— The Japanese Govern-
ment yesterday gave assurances.
that it would t ake st eps to in-
i crease i mpo rts from. - toe * U.S.
aod toe EEC.

Mr Zenko Suzuki, Rrime
Minis ter, and Mir Yashin
Sakuraucbi (Foreign Minister),
both said such action was
needed to head off growing
protectionist sentiments b
countries with tugs ' trade
deficits with Japan.

“ In addition, to their advanc-
ing infl ation, e conomic stagna-
tion and grow ing miranploynirat,
the countries of Europe and toe
U.S. continue to bear numerous
difficulties such as ba lance of.
payments disequflSnHttm,” Mr
Suzuki said at the opening of
a new Paaiifflneatary session.*

“T here are fears toat toe

sluggish . growth of -toe world
economy and inroeaatog. teatte;
friction nay -endangea; toe
future of free trade.” ‘

Japan has already ooane under
pressu re from its trading part-
ners to increase imparts, .lire,
Government is expected - to
announce a series of measures
toss week te lower the Dooteriff
.barriera winch restrict imports;

. Mr SuzuW saM it was Japan’s
'responsibility to check emerg-
ing pritecteoEdsOL. “To tins
end I intend to actively seek
furthering . opening of our

markets,” he said.

Dfir Sakurarctibi told ParBan
meat that' toe trade issue had
made Japan’s external relations,
i friqnftflfling f y {ffflWviifr .

Ikrawnatc arid; trade friction
between Japan and its Caring
partners hi . toe UJ5. and
Western Europe had become a
major issue, he raided.

.UJS.dapkniiateiri Tokyo have
estimated. Japan w3I have a
- record trade' surplus of $20bn
(£10.am) with toe U& tom
year. . They pot its stxnpbis with
the EEC at IlSbav
The Japanese pledge to Open
its markets to coincide with toe
start of five days of trade tails
between dieiegalteos headed frs
Sir Roy Denman, EEC Oonmtis

Mr Nofruo Matewnaga, Japan*!
deputy ntoHstea* foe Pared®
AffairU,--..

Rmtoor.

- Trade wtth Japan, Page 19

Move to increase

BY K. K. SHARMA IN NEW DEU41

EFFORTS are to be made to
increase Indian exports 1 to
Europe in a bid to seduce toe
large deficit with the EEC.

This was derided at' the first
meeting 'of' toe recently-
farmed Ihdo-EEC jakxt commds-
sfon at toe weekend.

Mr Wffheira Eaflericamp, whp
led the EEC delegation, said
after the 'meeting toat a work-
ing group had been formed' and -
would meet to New Delhi next
March to di grams problems
faring certain commodities.

Mr Haferkatop Mir

Shivraj Petal, India's Minister of
rtjwTw n g rt-a signed an agreement
on establishing an EEC office
in New Delhi towards the end
of this year, which would help

busiitessniekuto obtato. toforzna*

' turn about toe EEC.

During teta joint •roramfssfcm,
tite Inman , delegation, stressed
the point that the deficit' with
fhe 'EEC had increased from
Rs 1.071m (££4m) in fiscal 1977
to Rs 127fm to fiscal 1980 and
was likely to teve been higher
to 198L. -■ . ‘ • •

Indian exports', write falling
While imparts frata. the EEC
soared foiJav^g.^tdia^s impart,
liberalisation policy introduced
to. 1978. •;

According to Mir Hafeokaanp*

: thebe was/uo protectionism to
Europe and 1 quota restrictions
were Jamated to textiles rad
shoes. The multi-fibre arrange-

ment on textiles hod just bee
signed and hBatetel taQ
between European cooaateiesao
India would be held on. quntt
for various textile products. .
■ Mr Haf erkamp said that mai
way that ’Praha's exports to to
EEC could be increase m
for TnriHm boetoesamen i
explore’ lice marke t^ The j ofc
commission has derided 1
and TnAia where busuressme
organise seminars in . Emm
could meet to discos® profafem
Among - . other . . . matte
discussed were market, dewefo
meat, co-operati on, to joa
ventures in third oontews; S
flow of investment to India as
co-operation to science an
tetiiQofogy, especially energy.

Trade officials deadlocked
on credit guarantee fund

GENEVA — Trade finance offi-
cials from 64 nations hare failed
to agree on details of an Export
Credit Guarantee Fund pro-
posed by toe UN* to enhance .
toe competitiveness of exporters
In developing countries.

Accor ding to trade officials.
Western nations prevented
substantial progress in the two
weeks of talks by re-opening
the question of the fund’s
viability, to .toe chagrin of
developing nations which had
, believed the . matter to- have
been settled previously. ' . j ;■
The . fund, with projected
• capital needs of up to $809m
1 f£421m) was suggested by toe
UN Conference on Trade and
Development (Unctad) to
enhance . the credit-granting
ability of exporters to develop-
ing nations. •

The terms offered by such,
exporters are not always com-
petitive with those granted by
exporters to Industrial coun-
tries with more sophisticated
markets and banking systems.

A number- of possible

elements of ah Export. Credit
Guarantee Fund were identified,
according to an Unctad official
— Agenri.es. .'

Bri j Khfduaria is Genera
adds: . Developing . countries
are keen to get such a facility-
They say infernatioinal banks .
usually refuse to rediscount
credit notes of longer toan. 12
. months ■ to. trade, wittun the
Third .-Watid because . Third
World debtors are seed as bad
.risks.; ■* ’ -

Some .banks agree to the re-
discount, but charge a rate as
much .Us 3 per cent higher than
that on notes issued by debtors
to industrialised nations. '

The • inability to easily re-
discount credit notes is seen as
a break on trade in capital
goods, to toe Third Wozid.
Under Unctad's suggestSons the
new facility would guarantee
toe export credits, ..thereby
allowing banks to rediscount
loans at better terms. .

Talks may resume in October
when ah Unctad trade financing
committee meets in Geneva. -

Canadian newsprint sales
expected to decline

BY. ANDREW FISHER

CANADIAN newsprint sales
are expected to decline by as
much as 7 per cent this year,
mainly because ot a sharp
reduction in U.S. demand, toe
Canadian Pulp and Paper
Association said.

Canada, toe world’s largest
Newsprint producer, sells about
70 per cent of its output to the’
U.S. where this year’s total
demand is likely to show a 6 per
cent drop, toe association said.

Last year, Canadian news-
print deliveries rose from 8fim
tonnes to 8.8m, but this year’s
level is forecast to be only
8.2m tonnes.

.Total sales of Canadian pulp
and paper products in 1982 are
expected to fall by about 1 per
cent to 20m. tonnes, with
experts down by 2 per cent to
15.5m.

In the U.S., actual news-
print consumption is expected

to drop only slightly, but
demand will be hit toy a reduc-
tion in stocks and higher sales
by US. newsprint producers.

With the volume of advert-
ising falling in toe U-S., pub-
lishers there are seen likely to
decrease newsprint stocks.

In the last two years, these
rose by 500,000 tonnes to cover
more than 50 days supply
against 40 days normally.

Canada’s other major forest
product export, wood pulp, is
likely to show growth of some
4 per cent in deliveries to 6.8m
tonnes, the major- buyers being
in the US., Western Europe
and Japan.

As newsprint shipments dec-
line, plant capacity utilisation
in Canada will probably fall
from 94 per cent in 1981 to 82
per cent , this year, toe associa-
tion said. .

UK concern
wins orders
worth £3m

By Oor World Trade' Staff

CONEYGBE Foundries
Tipton has won £3m in order
* from several Nbrtb Amoitsa
-enstomere.

The West Midlands ton
pany, . part of the Birmfi
‘ Qualcas* Foundries gram
said the largest -put of tt
contract wowtii JE2.5m.is to g
to a Kansas-based man;
factnrer of ofl pumps. Th
order Involves toe gearboi
gears and crank arms for
range pimxps known in til
US. as “nodding donkeys.’ 1

An order from Canada !
for toe supply of he
cylinder heads to * to
Bombardier Company «
Montreal. The. order w
won against Japanese,’ Wed
German, French andCanatHm
competition. *

• IntematoMf^anpatBR
Limited (IC^ .has won su
order worth; JEtfim- fnm
France’s Cred# Agricole bank

tag

branch ^offices to nortben
France. L'-y .

The order wak placed by Li
Caisse Regtonaie de Credit
Agricole du Ndrd for 479 o
ICL’s new series of multi
microprocesww>based distil
hated prworasing systems.

•County Tractors of. Fieri
Hampshire, reports XL5m ii
export ordersrto supply tod
agrieuftizral tractors to seveg
Central African, and if?
Eastern client nations. • ]

•AGB Research limited 4
the UK has been awarded -
Sim contract s set up a f ally
integrated television audienc-
measurement system for RAI
the Italian state televisioi
authority. The contract
for the insfcUafien <rf 1,30
electronic meters: toroughoo
Italy and for. toe compote
Adware, software andHar!
equipment^ and services b
produce accurate amUene
figures. -

_ • Jfye 'TV' -bam won *•
£750,000 order . from ■■ to
Furnish National BroadcxSOnj

Company, YUB Oy YletandS
AB for television transmitteri
This is the -first tr amji i ftte *
order placed by toe Fbmid
company wito toe Cambridge

; based pyev .

Andrew Young sees Atlanta as ‘the gateway to the U.S. supermarket

BY JBIEMY 5TONE, RECENTLY IN ATLANTA

THE TWO things for whidi
Atlanta is best known at
present— apart from being the
setting for “ Gone With the
Wind” and a peculiarly grue-
some series of chMd-murders —
are its airport and its newly*
inaugurated mayor.

The airport is, indeed, all
that most people she of Atlanta,
since about three-quarters of
its passengers are merely
changing aircraft on toe way
somewhere else. (TSere is an
oid saying to toe effect toat it
does not matter where you go
when you die; you must still
dtange aircraft at Atlanta.)

It is on the strength of this
portion th e communications
hub of America's “sun belt
states of the south and south-
west that Atlanta has quad-
rupled in size state
attracting lepresentaition <rf
Sw 400T<rf the “Fortune 5(H)
hnainesses— and wejl over 100
British companies— into an area

which once bad little
apart from cotton and Coca-
Cola, whose world headquarters

are there-

The new mayor is Mr
Andrew Young, who first
became known through his
association with Martin Lather
King in toe civil rights move-
ment, reaching international
prominence as then-Presideat
Jimmy Carter’s ambassador to
toe UN. Fame of a kind was
assured when President Garter
dismissed him for holding —
and then concealing— personal
Calks with the Palestine libera-
tion Organisation.

Mr' Young's " election as
mayor last October came at the
end of a tough campaign whKb,
in its later stages, bad .become
unpleasantly polarised on
.racial lines. .

Tensions seem to have eased
since then, particularly now
that someone is standing trial
for toe murders. Although law
enforcement issues remain in
the foreground of toe mayor’s
programme, he also means to
play an active part as a land
of trade representative to help
in developing toe economy—

not just of greater Atlanta but
of toe sooth-east region
generally. His way of doing
this adds an international
dimension, and a surprisingly
interventionist - flavour, to
municipal government

u Our biggest weakness is
exporting- I’ve always felt that
the U.S. penalised its exporters,
especially when it comes to
export finance,” Mayor Young
said in a recent interview.

“In some things this doesn’t
matter too much. In agriculture
we’re just better than anybody.
We raise chickens, and you can
sell chickens literally by the
hundreds of millions of dollars.”

In other-cases, said Mr Young
“things are not as hard as they
sound” Putting together export
packages, for instance. “In this
city you don’t have to do it You
just get people together."

For Andrew Young, this
business of "getting, people
together" works on an inter-
national scale. When he was
awakened by a 3 am telephone
call from someone in Gabon

wanting to buy diesel loco-
motives in a hurry, a couple of
mayoral phone calls were all it
took for Atlanta to take credit
for an $80m sale
His inauguration as mayor
had many things in common
with a coronation, such is his
renown. Delegations from Third
World countries were very much
in evidence. A shared education
in the “black colleges” of
Atlanta has forged personal
links between leading members
of the city’s black community
and toe governing 61it.es in most
African countries.

The inauguration seems also
to have served as a high-class
trade promotion. The Liberians
went shopping for a new tele-
phone system, and Mr Young
was also able to put them in
touch with a leading maker of
black b air-care products.
Nigeria produced no fewer than
40 representatives; not just for
fun, or simply to show respect
“It is not impossible for
Atlanta to do $lbn of trade with
Nigeria annually. Because

Nigeria is a major oil supplier,
toe UB. has a $9bn trade
deficit, and Nigeria now wairts
to purchase about $15ba each
year in the U.S.

“ Rapid development is
essential to them, and major
American Involvement can help
this In a non-colonialist way.”
Competition would ensure that
tbas trade did not become
tainted with exploitation.

How was Atlanta's Slhn to
be pot together? Partly from
large turnkey projects such as
a satellite-centred telephone
system' for Lagos. The present
system, which uses cables, has
long been considered a
disaster; Atlanta, with its
technological infrastructure, Is
bidding for the contract to
replate it

Mayor Young is dearly
determined to exploit every
contact he made daring his
tempestuous period at toe UN.
But his plans are modi more
ambitious than that "It is the
role of toe city government to
be aggressive about later-

national trade,” he'said.

For instance, Mr Young wants
In export Atlanta's sparkling
new metro system, known as
MARTA Anti-trust law would
inhibit a group of private con-
tractors from coming together
to 'package MARTA for export,
which would be very frustrating
since foreign cities have been
trying to bc^y toe system.

The city government can get
this sort of deal off the ground.
Mayor Young believes, by set-
ting up its own agency to hantfie
turnkey projects on behalf of
local contracting groups,.

Perhaps surprisingly, there
are limits to what Mayor Young
will take on. A Japanese pro-
posal that he should help set up
an Afro • American - Japanese
chamber of commerce fell on
deaf ears.

- “ AH they wanted was fishing
rights off the African coast”
And toat would not have done
much for toe mayor's campaign
to make Atlanta “ Africa's gate-
way to toe American super-
market”

'M

. January 2* ig 82

3

r,- ■

r>;r- ; * . ; - •:-
.-•-£.■• -. ■.•■.■■■■

'Ybu

in Peterborough Instead you get something much more valuable
-that rare combination of benefits called the Peterborough Effect
It’s helped almost every company that has moved here to improve
output, exports and profits.

A better quality of life awaits you and your staff in

Peterborough. Better homes, better amenities, better surroundings

and abetter choice of recreations. And that creates a better

e efficie

Peterborough, Britain’s fastest-growing city, is a unique
combination of cathedral city and new town. If s also

the

ayeaf when the national trend has been job loss. It has everything

py

Peterborough is 50 minutes from London by train. And it has
the best road system of any British city so people have fester and
safer journeys, hi this spaciously laid out and generously
landscaped city everything is so much closer

Living and working in Peterborough will be good for your

business-and foryou.

Askjohn Case for details.
Phone Peterborough

•»<jV

Financial Tim® Tuesday January 26 1982

UK NEWS

:/

BNOC set to embark on

Clyde Field development

BY RAY DAFTER, ENERGY EDITOR

THE British National Oil Cor-
poration. which yesterday an-
nounced the successful drilling
of a North Sea appraisal v/ell.
is about to embark on the £900m-
£lbn development of its offshore
Clyde Field.

Within the next few days the
corporation will present its
partners, Shell and Esso, with
development plans for Clyde,
200 miles east of Dundee. Scot-
land. BNOC, which has a 51 per
cent stake in the field, hopes to
submit a formal development
applicaion to the Department
of Energy in the summer.

Under the proposals drawn
up by BNOC. the field's operator,
Clyde would be brought on
stream late in 19S7 and should
reach peak production early in
19SS.

The corporation had origin-
ally planned to start production
in 1985. but the Government
ordered il to postpone the de-
velopment for two years. The
dplay decision is thought to
have been influenced by the
Government's policy for regu-
lating North Sea production —
through various depletion
measures — and by the

Treasury's anxiety to restrict
the slate corporation's spending
in the early 1980s.

The Clyde Field, discovered
in 1978, is believed to contain
between 120m and 150m barrels
of oil. The maximum average
rate of production is likely to
be about 50,000 barrels a day.

The field is expected to be
exploited by means of afi xed
steel production platform. The
structure will probably be
towed from the construction
yard in 1986. two years after
the award of the fabrication
contract

BNOC has been looking at
several ways of landing the oil.
It may be carried ashore
through the Ekoftsk pipeline
which runs from the Norwegian
sector of the North Sea to Tees-
side. Alternatively, the corpora-
tion may decide to load the oil
into tankers through an offshore
loading system.

BNOC yesterday announced
that its latest well, north-east
of the Thistle Field in block
211/18?. had been suspended
after oil was found in the
Middle Jurassic geological form-
ation.

The well was drilled on an
unnamed oilfield destined to be
developed by BNOC after
Clyde. The well tas been
temporarily plugged to be used
for production purposes later.
BNOC said that it was drilling
another well on a “related
feature" about 3km to -the
south-west.

BNOC is • drilling the wells
to evaluate a highly faulted
reservoir which has been called
unofficially the North East
Halibut prospect and the Caber
Field. Partners in this opera-
tion are BNOC, Santa Fe
Minerals, Deminex UK, Tri-
ce ntrol, and Charterhouse
Petroleum.

• The average price of oil
production by the Organisation
of Petroleum Exporting Coun-
tries has fallen by almost SI a
barrel during the past year,
according to an analysis by the
Petroleum Intelligence Weekly
newsletter. The average price
is calculated <to be $33.85 —
almost $4 a barrel less in real
terms than the price early last
year. Prices have been falling
as a result of the worldwide
glut of oil.

British
Telecom
in joint
venture

By Jason Crisp

British Telecom has set up its
first joint venture company
with a group of organisations
from the private sector. The
new company Is to help to
spin off high technology com-
panies from British Telecom's
research establishment at
Martlesham, Suffolk.

De Lorean situation serious — Prior

BY OUR BELFAST CORRESPONDENT

MR JAMES PRIOR. the
Northern Ireland Secretary,
said yesterday he regarded the
position of the Govrcnment
backed De Lorean sports car
company as “ extremely
serious. ’*

Mr Prior, who last week dis-
cussed the company's funding
problems with Mr John De
Lorean. the chairman, said the
company was cxpectrd to
respond to envernment pro-
posals within the next few days.

Asked exactly when he ex-
pected a reply Mr Prior said
" the sooner the better. " He
said: “What concerns me
enormously is the future of the
company, the future of employ-

ment them and the future of
great sums of money which
have been .put into this venture
— and the seriousness of the
present position."

Mr Prior would not give de-
tails of De Lorean's request for
further Government support
and did not reveal what pro-
posals the Government has put
to the company.

Mr De Lorean, according to
union officials, said last week he
needed £40m. But before leav-
ing London for New York on
Friday he said he ha dasked the
Government for “a modest re-
structuring of existing sums. ”

Hie boards of both De
Lorean's Northern Ireland

company and his U.5. company
meet later today in New York
to discuss their response to the
Government.

The fierce recession In the
U.S. car market and De
Lorean's cash flow difficulties
have forced the company to
halve production -

Union officials, who fear
substantial redundancies among
the 2,600 labour force, met Mr
Adam Butler, the Northern
Ireland Industry Minister, in
Belfast yesterday for an up-
date on the Government's deal-
ings with the company.

Mr De Lorean is expected to
return to London to meet Mr
Prior this week.

Consumer spending remains flat

BY ROBIN PAULEY

THE VOLUME of consumer
spending picked up slightly in
the last quarter of 1981 bur was
no higher than the first quarter
of the year and slightly lower
than the first quarter of 1980,
according to government figures
issued yesterday.

Preliminary figures show that
the volume of spending in the
last quarter was about flShn
(1975 prices!, 1.5 per cent up

on the £17.8bn of the previous
quarter.

Retail sales, which account
for about half .the spending
total, were higher in the fourth
quarter than the third. Spend-
ing on new cars appears to have
been relatively buoyant. The
exceptionally cold weather
caused extra spending on fuel
and electricity.

Consumer spending for the
whole of 1981 is estimated at
£7l.6bn, reflecting the extent
to which spending has been flat
since the end of 1978. The
figures for 1980 and. 1979 were
£71.5bn and £71.4bn respectively.

Expenditure on food, alcohol
and tobacco was lower in 1981
than in 1980 but on other cate-
gories of retail goods and
services it increased slightly.

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Making thEwoddmorc products®,

Holmes a Court ACC deadline

i

is challenged in High Court

BY RAYMOND HUGHES, LAW COURTS CORRESPONDENT

Joint Venture companies
are permitted under the
British Telecommunications
Aet of last year. The Gov-
ernment has encouraged
establishment of joint ven-
tures as a way of injecting
private capital into telecom-
munications investment.

The new company, Martle-
sham Enterprises, Is minute
in comparison with BTs mas-
sive investment programme.
It has been set up with a
share capital of £250,000.

BT has the largest single
shareholding, with 30 per cent
of the equity. Electra Invest-
ment Trust has 25, Lazard
Brothers 20, Raeburn Invest-
ment Trust, managed by
Lazar ds 20, and Thompson
Clive and Partners 5 per cent.

The joint venture will
choose urojects from Martle-
sham laboratories which may
have commercial applications.

Initially it will provide
finance for technical feasi-
bility studies, further labora-
tory work, marketing studies
nr possibly small scale pro-
duction depending on the
nature of the invention.

The new company Is con-
sidering several ideas. The
first likely to get backing
from Martlesham Enterprises
is a method of improving
manufacture of semi-
conductors which Improves
the yield of microchips.

The company Is unlikely to
provide the venture capital
to pat itself into full produc-
tion, though this is not ruled
out. The shareholders will
have first refusal on investing
in the company, and the Joint
venture will retain a minority
shareholding.

' Mr Mark Burrell, a director
of Lazar ds and chairman of
the company, said that it
would take a flexible approach
to' each case- He described
It as acting as sponsor and
midwife to bright ideas from
Martlesham.

Last year BT spent £35m
on research. The laboratories
at Martlesham employ 1,800
people.

Prestel was invented at
Martlesham and it has been
a leading developer of fibre
optics.

THE OPINION of the directors,
of Associated Communications
Corporation that they had no
choice but to meet a deadline
imposed by Mr Robert Holmes
a Court for acceptance of his
offer for their shares, was chal-
lenged in the High Court yes-
terday.

In evidence read to the court
Mr Michael Peterson, of Bar-
clays merchant bank, and Mr
Alan Wheatley, a partner in
chartered accountants Price,
Waterhouse, rejected the direc-
tors' view that on January 13
ACC's situation had been so
desperate that Mr Holmes 4
Court's midnight deadline had
to be met.

The two men were giving
evidence for Heron Corporation
on its application for continua-
tion of an injunction granted
last week stopping ACC and its
directors approving or effecting
any transfer of ACC voting
shares.

Heron has made a rival bid
for ACC — its £46. 6m offer
being over £10m more than that
of Mr Holmes & Court’s Bell
Group.

Mr Peterson suggested that,
given Mr Holmes 4 Court's in-
volvement with ACC, no reason-
able board of directors could
have believed that the offer
would be withdrawn if the mid-
night deadline was not meL

Such a withdrawal would have
been entirely inconsistent with

Mr Holmes a Court's previous
actions.

Throughout last year he. had
been picking up a substantial
holding of ACC non*voting
shares and in December had
-joined the company's board. His
investment in the company was
in .the region of £15m, and Ms
dealings showed a consistent
policy, culminating in his
attempt to. get control of the vot-
ing shares.

In the light- of that, Mr Peter-
son failed to see how the -board
could have believed the deadline
was genuine.

If .Mr Holmes, a. Court bad.
withdrawn his offer and- put his
shares on the market he would
have suffered a dramatic loss.

The directors were in a posi-
tion to bargain with Mr Holmes
a Court rather than him being
able to dictate to them, said Mr
Peterson.

Mr Wheatley stated that he
knew of no evidence to support
the view that on January 13
ACCs financial position was so
critically poised that the direc-
tors had to choose that night
either to accept Mr Holmes h
Court’s offer or face a situation
in which ACC would be unable
to support itself.

“ It is surprising.” Mr Wheat-
ley's evidence continued, “that
The board of ACC felt con-
strained to reach such a momen-
tous decision on what appears
to have been inadequate

inform atitfri/V v V 1

It . would be-,>nonnal for a
company m ACCs ^position to
consider a nrariber of ' alterna-
tive plans and . discuss ‘tfcem in
detail-: with its.- major - unr
secured creditors,. he ; said." v
The .two men's ..comments
.were based on- evidence pro-'
vided for the court by ACCs
group, treasurer. . Mr Derek

Williams. v - ;■ _

Mr 'Williams* -statement -was

.shown to Mr Justice Vinefbtt
' but "not made, pubtic. lt' was.
said MfltidrarcTSyk^QC. for
A-CC and its directors, “com-
mercially very dedicate,-, deal-
ing as St - aid-' with ACC's
financial 'situation. . >

Mr S. A. . Stamler- QC,' for.
Heron, said was . quite- wrong
for the ACC directors" to
suggest that Mr Holmes & Court
represented the company's only
hope of; salvation: *

An alternative was Heron, a
solid, serious company, advised
by Barclays, a soGd. serious
merchant bank. There was no
justification, for . ihe ACC's
directors’ cavalier treatment of
.Heron’s offer.

• ‘fThe- directors, and / Mr
Holmes A Xtourt- are. doing a.
cosy deal.' They have . got the,
voting' shares he wants. They
arranged for the voting shares
to be said at a- premium over
the ! non-noting ' shares— even
though ACC's articles require
otherwise,”' j : ;

The hearing continues today.

Seamen urge tighter safety rules

BY BRIAN GROOM, LABOUR STAFF

SEAMEN'S UNION leaders
warned yesterday that weeks
like the Penlee lifeboat disaster
in which 16 people died before
Christmas, could be repeated
unless safety procedures were
tightened up.

Mr Jim Slater, general secre-
tary of the National Union oE
Seamen, and Mr John Prescott
(Lab, Hull East), the union's
sponsored MP. met Mr Iain
Sproat, Parliamentary Under-
secretary for Trade, to demand
a public inquiry into the

disaster.

Mr Sproat said he had ah
" open mfnd " about the request
and would decide after com-
pletion of the Trade Depart-
ment's preliminary inquiry,
expected by the end
month.

The seamen’s leaders listed
“disquieting factors" about the
disaster, which cost the lives of
eight Penlee Hfeboatmen and
eight people — five crew and
three relatives— aboard - the
freighter Union Star, which

sank off the Cornish coast on
her' maiden voyage.

Mr Slater said that the Union
Star, Dublin-registered -but
owned by Union- Transport, of
London, had a crew . of five,
of next' including the master. British
standards would have required
a crew of seven.

Union Transport ’ strongly
denied that it bad broken legal
requirements. The - registered
crew of the Union Star' was six.
as the master’s wife- was signed
on as a cook.

Carr, Sebag abandons link plan

BY JOHN MOORE

CARR, SEBAG. the City stock-
broker, has abandoned a plan to
enter a joint operation with
another broker. Brewin Dolphin,
which was intended to make
Carr, Sebag's private client busi-
ness more efficient

Carr. Sebag had been explor-
ing the possibility of creating a
separate company which would

hare been run by its five private
client partners. An arrangement
would have been entered into
with Brewin and -Dolphin, -who
would have provided settlement
services for the new company.

After weeks of talks, which
started in October, the discus-
sions were terminated at the
weekend.

Carr. Sebag has been re-

valuatfng its role in stockbrok-
ing for some time and has been
: in ' talks- with various, parties
v which mighf help it' reduce the
cost of its 1 private client busi-
ness.

$

backed by
139 MPs

By U» Wood

A CAMPAIGN for - lead-free “
petrol was. launched yesterday.

An appeal Iwas made for
£250;000 to : “cariy out "a 'pro-
gramme of activity designed to . '
win . a gpveniment r dectsion." ’ *■

Thb "campaign' is supported by -
139 mps. •.

7 Mr’ JDes Wilson,. 'the project • '
Chairman of CLEAR, - the cam-
paigri for -lead-free air, said ■?
lead was Britain’s - number-one ' 'V
h'ealt.hhazarcL Lead level^ fa-i; .J;
the air * were -Increasing c ."
steadily. .90; per centfrom lead /' ["•-
in petrol. • 1 -■ '.'1

He said that between 7,500 ■ • ' i
tooii.es and 10,000 tonnes of :j
lead ' were :perniitted to infik "• ’
irate the UK-from car. exhausts - - :
every -jeer, although led was a
neurotoxin, a poison, - and one ...
.that. damaged the brain. _ - t ‘. ;

There, was overwhelming *
evidence a frightening- number ~ -
of children were being exposed . ;
to lead at levels endangering *\
their intelligence, causing them . . ' ;
to be hyperactive and reducing I- C
powers of concentration: ' •• ■-' T -

“We are satisfied .the relevant - :
industries have eaggerated the -.:
difficulties and costs involved in i •
moving to lead-free petrol." i ^ .

He said the fixed -limit r. •*
0.15 grammes per litre of lead "
in petrol should be introduced : 'f_
earlier than the official data oty
1985 and that all tiew cars’
be required to ruo on lead-fae '
petrol a6 soon as possible. .

NatWest cuts rat©
to small businesses

NATIONAL Westminster Bank 1
is undercutting the -rdtiier ijig *
clearing banks in an-^ort to
wan small business Qotohers
under the Governmrifi-b&cked.
loan guarantee scheme.
reducing its interest jab. to"
them by half a percentage point
to i) percentage points- rime
base rate, making it the cheap .
est of the Big Four .cb?ring ;
banks.'.

The' reduction, 'from ths-'.
beginning . of next -
appk'es . to existing loans, under-
the scheme and td new bra-",,
ness. ' "V-.r ,: 'f

Mr Noel Dearingi manager of
the 'bank's^ small business aec-ip

Brit

£!n

5? -•£”*

In oftier efficiency moves,
Carr,. Sebag has embarked on
redundancies in its hack office
operations; "

Docklands

aid plan
launched

By Michael Cassell

THE LONDON Docklands Deve-
lopment Corporation yesterday
announced a £22 m investment
programme to help revitalise
the docklands area.

Nearly one^hird of the
finance allocated — which repre-
sents the first major investment
by the corporation in -the dock-
lands community — wtl be spent
in the next few months.

Of the £22m, the corporation
is to spend £4m on improving
road links and a further £4m on
services on the Isle of Dogs.
The conversio nof parts of the
old docks into building land
will account for another £3 Ira
and £2}-m will go towards
reclaiming land at Beckton.

Nearly £2m is being made
available for home improvement
schemes and £750,000 for sup-
porting local community groups.

Approval of the schemes
follows discussions between the
corporation and the Department
of the Environment. Another
50 schemes are being considered

Mr Bob McMish. MP. vice
chairman of 'Ihe corporation,
said- al 1th e schemes were
intended to help improve the
quality of life in the docklands.
“We have fried to spread the
benefits so that there wiH be
something for practically every-
body. In some cases, like im-
provements to services, the pro-
jects are necessary <o make
further development possible.

Warning on threat to
drug therapy advances

BY DAVID FISHLOCK, SCIENCE EDITOR

BRITAIN was one of only five
countries which could pioneer
the big therapeutic drug
advances to be expected in the
□ext 30 years, Professor Georgs
Teeling Smith, director of the
Office of Health Economics,
“ think tank " of the dug indus-
try, sadd at Oxford yesterday. -

These advances would lead to
control of virus diseases; most
cancers; -the auto-immune
diseases such as multiple scle-
roses; some diabetes; and per-
haps rheumatoid arthritis, . he
told Green College, which
specialises in medicine.

But Professor TeeUng Smith
warned that the European
“ consumerlst movement could

easily damage the pharmaceuti-
cal industry. ..

Consumer groups were the
people most antagonistic to drug
innovation, “probably because
they do not understand the harm
that could be done by their
demands for generic prescribing
and other restrictions on the
industry.”

Other pioneering nations in
drug therapy were West Ger-
many, Japan, Switzerland and
the U.S.

tidri.' .said the ' moye was to en-
courage greater use - of the
scheme. In December ! the bank
had TOO . applications, totalling
£3 .3m, for assistance tinder the
scheme:

Since . the : .Government
launched the scheme last Joint
over TR0O- guarantees have btm
issued covering bank Iendingoi
more than £60ra. Just over haH
the applications were to, start
businesses.-^ • .

Union objects
plutonium safest

THE TUC has asked to a ~*

If tile pharmaceutical indus-
try was to continue to fluourish
in Britain, it was essential that
the economics of the industry
be properly understood.

Conrad fetches £850

A COLLECTION of books by
Joseph Conrad made prices well
above estimate at Sotheby’s
yesterday. The highest price
was £S50. about five times the
forecast, paid by Minerva Rare
Books, the London dealer, for a
signed first .edition of Ihe
Secret Agent

Another dealer, Marks,
bought a presentation copy of
Samuel Beckett’s “ Murphy "
for £650. slightly below forecast.

A collection of 14 undis-
tinguished books from the
library of Sir Arthur Conan
Doyle sold for £420; a first
edition of Churchill's The story
of the Malakand Field Force,

SALEROOM

BY ANTONY THORNCROFT

published in 1898, made £300;
and a presentation copy of
Edmund Blunden’s poems. £ 170 .

Among_ the Russian works of
ant, a .pair of urn-shaped vases
dated about 1820 and raadq at
St Petersburg in the Imperial
Manufactory sold for
£4,800. An imperial presenta-
tion tea set of 1893, in silver

£3 500 ^ ^ Ittisoll3Qe ..fetched

Alumax advised to look at Invcrgordoii

BY ROY HOD50N

ALUMAX, the U.S. metals
company, has been advised by
Mr Ian MacGregor, chairman
of British Steel, to examine the
prospects for reopening the
Invergordon smelter.

Mr MacGregor, a former
chairman of Alumax, said in
Scotland yesterday he had en-
couraged the company to “at
least have a look” at the
smelter.

But he warned leaders of the
Scottish TUC during a meeting
in Glasgow that the sit-in at
Invergordon by redundant
workers could discourage pro-
spective buyers.

Alumax, he said, was half-
owned by the Japanese who
were nervous about labour
relations.

Mr MacGregor appears .to
have advised Alumax on the

basis that a new deal might be
concluded with the Govern-
ment and the electricity:'
authorities for supplies of
cheap power to make the High-
land smelter competitive in
world markets. He said the
smelter would be a sound in-
vestment. if the energy costs
were right

British* Aluminium closed the
smelter because electricity
costs were forcing the smelter
into heavy losses. Objections
from the hard-pressed British
aluminium industry could be
expected if power supplies
were, made available to a
foreign company at preferen-
tial rates in order to restart
Invergordon.

Although a sit-fin by about
30 workers each day continues

at the smelter, the aluminittm
smelting -pots” have, been
allowed to go cold following
the ending of the.r-etectricity.
supply. Any company taking'
the smelter over would have
to find a large . capital sum to
bnng it back ■; info' working
order.

Since Sunday-, morning ' tSe
workforce ■ has been, officially
redundant except for “a small
team retained ! by.. tHrltish-
Alumlmum to' -keep tins plant*
serviceable on a.care awt-aaain-
tenance basis. *> .

Mr. Biily - Andrev^r- ,bf ‘thel
workers action cpmqdxtted 1 , siicU
th& works convener - . it- Ihver- :
gordon wanted to- meet Mj*
MacGregor .to ffcut Tfim ; right-
about the labour relations- in
the plant”

help persiiadeV<3t»e ; Government
not to exportjpore. pkitonium to
toe U.S. tohe^meetttie Ameri-
can shortajetfKqP-^Utomum for
its new ngdtear weapons pro-
gramme s. ipy’ 7 - _ ' • : :

The .Eroaii&Ora’ ■sand Managers
A ss oci^tiom^represeii ting enrif
neers and .k^ehtists in the rivt
nuclear jmdgramme, is worried
about coihijrtBhlfdng- piiK
gramme 'jwth'. toe } dublic.; It 1
believes; to«t. feteriiationat safe-
guards ^gainst, nuclear weapon
proliferation-- may ■ not be ada-
ouate to.co^e yrtto the kind
deal : beiirt - discussed bettw®!;
BribHn-and ttie UB. .. ; .1; 'V

The union' objects to sugges-,
llfins tbkt Bctain mWht Tease or
s&U plutotoum ■ from . civVl Mag-
nox reactors., to . the. UJS. for
Clinch River; i a demoosWtion
fast-hreeder^reactor project It is
devetopitig; ... .: . ..

British -nJirtonltn covid-trieasr
capacity for UR. nrod'.iCfabn of
more weapnrs-grade jflutoaiora
and tritiuiq. for. armament .pro-
gramrnes. ! particularly/ tbe jMX
missile and the neutron bomb.

aw

EU V I

M.y--

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SKo-i •
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IVfason cirdci^d ■
over father’s estate

a

-

MRS PAMELA MASON .acted

irresponsibly and unreasonably _ mi*-
in carrying out -her duties at- ::
administratrix trf toe^ estate of L
her father, . Mr Iradbre Ostter.:^, Oyil
co-founder .-of ^ Dlingword!^ J
Morris, the worlds. target 9t T
wooBen textile business, a f I
Court judge, said yesterday^ - r ? ; 1
• Mr . Justice , Goulding, triia-ir ra '
also . criticised . the. watr 3V&S

criticised, the- way 4
Mason-, ran '. tb'e : - company— the-
estate's main asset-— said itat./i 2 ^ ’
the. estate should -be taken, out j | ■

of her baitd5 as quickly -
possible. 1 -

Ue ordered that toe ^
replaced. ; ■ ■ * by V- r ;.Mr • Gordon;--* s*.
JtfacAlIstdir,, ..a London. <*ir:A=i Cr-

. tered : accoohtaisL as judiefet -;; *■?.'

trustee. ^ -- r .

the estate was insolvent, with
lari» ; tax debts. 1 ; -
The jtidge. : sald there were --- 1 r^ (
-several, grettods- of complaint' ;;
against Vhs- Mason. • ^

She lived- 6,009 miles: away ■ '■ *f
CaUferina. T .'.' - . • ? i .- ‘ : fe 4 ,

■ She- .Had; run up ertrejnclf ■ •' 1

hi^h. and extravagant hotel 1 and'
traygl bills. And nrofessicmal-’fe^

-A Sf-

I

[^vi^staDk cuts
interest rate to 14 % ■)

THE Naticmal "Sa vtogs Bank bas _

responded, . /Rrempay to the ' . - K,
l-^ecHne' ;in'; interest- rates': Wv fc ; S
g'tofrfitaterest.nira. nn its ^ . : ‘3

^hicing't^lbateisst-ra te on ^ i v
I -per &
■ centj per ahnum ^.vl i*.

rl

%

M

unveils
in 31

BY MARKH3WWTH, SCOTTISH CORRESPONDQfT

BRITISH ' AEROSPACE yester-
day rolled out' the first produc-
tion model pf its: Jetstream. 31
twin-engine, turbo-prop aircraft
pictured right, at Prestwick and
announced orders- and options
for 18 of lire, aircraft .

'.The Jetstream is a version of
an aircraft designed by Handley
Page in the 1960s but substau-
tiaUy remodelled by -the Scottish
dfvisidtt of British; Aerospace
for sale- to fee commuter and
corporate aircraft market ■' . .

British.- Aerospace has. two
other ' shnrthaul aircraft fee
HS748 ' and - the .BAeMfi. The
; market for Shorthanl aircraft is
said to have risen 20 per cent
in 1979 -and 1980 and is expected
to .'grow a ‘further 15' per cent
.tfais_y^ar.--;

. British Aerospace is to aim
for . safe’s mainly in the U.S.
One western U.S. commuter
airline 'has sent a. Setter of'
Intent for six Jetstreams.

The company said there are
now orders fdr five Jetstreams,

. financial commitments, for two
and options op a further five m
addition id . .the letter of intent
A UK' company and one from
Latiti America are- among those
with ' financial . commitments to
boy..

British Aerospace needs to
sdtl 150 Jetstreams to break
evea. /The. aircraft sells in its .
commuter form for £1.25 m.

The company quoted a survey
by - the . Federal Aviation
Autfcority in the ILS. that there

wotfld be a market for 1,400
shorfeanl. aircraft by 1990. An
estimated 80 per cent of tins
market is thought to be for
aircraft for company use.-

Jetstream 31 cost about
£50m to design and develop at
the Prestwick plant, which
employs 2,000. The project in-
directly affects 1,100 to 1,500
jobs in fee UK, fee company
estimates. The Jetstream 31
project also secures the future
for the Scottish division, which
has only one other aircraft in
production, the Bulldog phot
trainer.'

- Jetstream 31 has different
engines, wing design and
avionics from its predecessor.

British Air Ferries seeks
£lm aid for Cardiff plan

BY ROBIN REEVES, WELSH GOftflESPOtlD&CT

BRITISH AIR FERRIES, part of
fee; Southend-based Keegan
Group, Js.'seeking a £lm official
aid package to develop British
Airways' former Viscount main-
tenance base at Cardiff airport-
BAF agreed at the beginning
of this year to take over, for
an undisclosed sum, BA’s re-
maining - Viscounts, .and the
Rhoose -maintenance facilities.
These were closed as part, of
BA’s rationalisation programme,
creating.' 270 redundancies. -: •
Hr Jeremy Keegan, BAF*s
managing director, said yester-
day that the company'sambi-
tious plans for. .^developing
operations in South Wales de- :
pended :Upoh dA aifeguafe^aM
package.-. -

. BAF was in discussions wife
the Welsh Office industry de-
partment and plans to talk to
the EE€ *tod authorities in
Luxembourg today: The com-
pany is keen to tie up aid by
the end of this , weds; said Mr
.Keegan, . ;

■ So far BAF has taken on
only 25 of the redundant British
Airways employees. But given
£lm assistance, fee company
expects to have up to 300 em-
ployees by the end of this year.

The takeover of BA’s remain-
ing Viscounts has boosted
BAFs Viscount fleet from 11
to 18. over the past year. The
company, which specialises in
aircraft .leasing, also has 12
Heralds and two HS125 execu-
tive jets. • • ; '

Besides servicing its own air-
craft at, Rhoose, BAF wants to
atizact other maintenance busi-
ness extend the ; engineering
work - into . specialist r propeller
-and engine^ overhaul, and de-
velop its . freight and charter
business: out of Cardiff and
Bristol.

’.-BAF has plans to use fee
base to manufacture one- and
two-seater “microiight" aircraft
—a development of the hang-
glider concept.

British Midland Airways
awarded Brussels route

BY LYNT.ON McLAIN

BRITISH HIDIiAND Airways
has been awarded a licence to
fly scheduled- passenger services
between Bi rmingh a m and
Brussels. British Airways
relinquished the route last year
after mounting losses. ’

-• The new .flights start 'on
April 1. The services jirill
operate twice daily in. each
directTSh every weekday with
Fokteer F27 turbopropellor air-
craft ' The new route is ex-
pected to contribute nearly £2m
.of profitable - revenue to fee
airline in its first year.

- British Midland Airways
began' scheduled services
between the two cities 10 years
ago hut dropped the service in
1978 m an exchange agreement

Bupa plans to
build hospital
at Portsmouth

By Eric Short

' AN APPLICATION for outline
p lanning permission to braid a
£5m, Sfrbed hospital at Lang-
stone, .Portsmouth, has been
made to Havant Borough Coun-
cil by British United Provident
AroodatioA. Bupa is the prin-
cipal private medical company
and fee largest medical insurer.

The association is in the
course of a programme of ,
private hospital bui ldi n g . In ,
the past year it has opened two
hospitals, at Manchester, and
Cardiff and two more are near-
ing completion, at Bushey,
Herts, and the WirraL Building
of a fifth hospital, at Harpeo-
deh, Herts, started recently.

- The Langstone project is one
of three more on which it is
planned work will begin tins
year. The association intends
that Langstone will be opened
by the end erf next year.

Tt will have two operating
theatres, consulting-rooms,
X-ray, : pathology and physio-
therapy departments. Patients
who choose private treatment
may he admitted on the referral
ot an jr local doctor. Accom-
modation for Bupa subscribers
wm be" charged at a prefer-
ential rate.

with British Airways. The
state-owned airline took over
fee route and BHA took over a
network of routes from Livea>
pooL

BA withdrew from fee Bir-
mingham to Brussels route last
year . as part of the airline’s
attempt to cut costs and operate
only the most profitable routes.

Mr Michael Bishop, fee chair-
man of British Midland, blamed
BA for .fee loss of traffic on the
route, over the past three years.
“ The route has been subject to
a certain amount <rf change in
frequencies and timings which
has depressed traffic,” he said.

The re-introduction of a twee
daily service was designed to
“ restore customer confidence.”

' Dons to get
up to £55,000
redundancy

By Michael Dixon, Ed u ca ti on
Correspondent

REDUNDANCY payments a f
up to £55,090 were approved
by the Government yest erday
to compensate university
academics whose numbers are
to be reduced from about
30,009 to 25JJ00 over the next
two years.

Sir Keith Joseph, Secretary
for Education and Science,
told the Commons that
generous compensation was
appropriate since the “great

majority” of umversHy dons
were entitled to their Jobs
until retiring age.

Estimates dfffer as to the
cost of fee scheme, which is
based on terms available to
so called' mobile civil ser-
vants. The eharge to fee
pnbEe could be between
£100m and £2 00m- • ■

Academics with job security
until retirement may stxQ
reject fee scheme and sue
for compensation through the
courts. Those who do so have
been premised the suppo rt of
fee Association of University
T each ers, ■. which has com-
plained feat fee scheme’s
terms for younger dons are
deplorable.

The basis for the lump sum
payments and deferred pen-
sions Is two months pay for
each year of sfrvfct

57 of wfricb are still in service.
The aircraft is powered by
American Garrett TPE331-10
turbo-prop engines wife Bowty
Hotel propellers for fuel
efficiency and low noise.

The commuter version is
designed to carry 18 or 19 pas-
sengers wife baggage on flights
of up to 620 nautical miles. The
corporate model can carry eight
to ten* passengers up to 1,150
nautical miles.

Sir Austin Pearce, chairman
of British Aerospace, said ac the
roll out that expert financial
advice on the plane had been
quite discouraging.

“ The decision we took is
quite clear ... we took fee risk
but that is wbat being in busi-
ness is all about It is much
less comfortable than sitting in
a well-appointed office and
criticising after fee event, but
it is much more exciting and
constructive.”

The sky-blue Jetstream 31 was
piped into a British Aerospace
hangar in the presence of com-
pany workers and guests.

Study into
reclaiming
land from
Mersey

By Hick Gamete.

Northern Correspondent

THE Central Electricity
Generating Board and
Cheshire County Connell are
co-operating hi a feasibility
study into whether waste
from a power station near
Warrington can be used to
help reclaim for industrial
development 600 acres on
the River Mersey.

The council said yesterday
that the land, if reclaimed,
would - be used for large
Industrial plants.

The Manchester Ship Canal
Company Is also taking part
in tiie study, which will
examine whether canal dredg-
ings can be used in the
scheme. This would take place
at Ince Banks, adjacent to the
Stanlow petrochemical

complex.

The cost is estimated at
£4flm and. subject to approval
and funding, the scheme
would not he completed until
fee end of fee next decade.
The council said it would
attract financial assistance
from the EEC-

The two year study will
examine whether pulverised
fuel ash from the Fidler's
Ferry power station along
with other waste materials
could be used to raise fee
level of fee salt marsh site.
• The letting of factories In
the Washington Development
Corporation area increased
from 50 to 53 last year.

The size of factories ranged
from 6 SO sq ft to almost
70.000 sq ft

The corporation said yester-
day feat rents ranging from
£1 to £2.10 per sq ft and
marimnm Government grants
were principal factors
attracting industrial develop-
ment

Currency advice with personal touch

“AT THIS work rate I’ll be
dead by fee time I'm 40,"says
Gavyn Davies. He and his part-
ner, David Morrison, have
I turned in about 60 hours to 75
hours a week since last August
, to nurse into life a new
currency-management service
for Simon & Coates, the London
i stockbrokers.

The service aims to help cor-
porate treasurers and invest-
ment institutions to cope better
with fluctuating currencies and
interest rales. £t is unusual not
just because of fee energy and
i relative youth of fee two men
who run iiL

Davies and Morrison, aged 31
1 and 29 respectively, believe the
range of currency advice and
direct help they offer to clients
is unique among stockbroking
companies in London. They
claim It beam services avail-
able even from giant foreign
securities firms like Merrill
Lynch of fee U.S. or Nomura
of Japan.

To steal a march in fee
currency advisory game Simon
& Coates last summer tempted
away fee two economists from
their previous employer.
Phillips & Drew, one of
London's largest stockbroking
firms.

They came complete with two
statistical assistants with whom
they work as a team, and
immediately began work on
their computer models and
statistical number-crunching.

Before joining Phillips &
Drew, Morrison, who studied at
Glasgow University, worked for
four yearn at fee Bank of
England.

After studying economics at
Cambridge and Oxford, Davies
worked at 10 Downing Street
for five years, serving for fee
last three, 1976-79. James
Callaghan, the Prime Minister.

The economic^ duo believe
feat Simon Se Coates is moving
along a path which other UK
securities companies will be
forced to follow.

Foreign exchange volatility is
exposing investors and company

David Marsh meets the men
behind a new management service

treasurers to unaccustomed
risks. Large sums of money are
at stake- Therefore stockbrokers
are likely to face more demand
from anxious clients for specific
currency advice tailored to their
individual needs.

Morrison says: “ A company
treasurer has a big cash-flow
problem every day of the week.
He doesn’t just want to know
what’s going to happen on the
foreign exchanges in six months
or 12 months time. He needs
to know about the next day.”

It. is this gap between the
short-term forecast supplied by
the banks and fee longer-term
predictions offered by brokers
and economists that the Davies
and Morrison team alms to AIL
'• We don’t just give the fore-
cast We tell company treasurers
what to do with them in terms
of hedging techniques to cover
risks,” says Morrison.

They believe pressure for UK
stockbrokers to re-model their
currency services — and other
economic research — will also
emerge when, and if. U.S.-style
negotiated commissions are
introduced In London.

Together with increased com-
petition from U.S. stockbrokers
in Europe, freedom for London
brokers to set commission
charges based on fee services
they render — still some years
away — would inevitably lead to
a different style of research. It
would have to be focused much
more on clients’ individual
needs.

“ The average quality of
economic research churned out
by London brokers is very poor
—because clients get it free,”
says Davies. Once negotiated
commissions come in “ clients
will be paying for what they
get. If they don’t think you’re
good enough, then you'll just
disappear.”

Simon and Coates’ main-stream
currency service is at present
taken by about two dozen fee-
paying clients. They are split
50-50 between fee UK and
abroad (the U.S., Europe, Hong
Kong and fee Middle East).

About half are banks and
financial institutions, fee other
half big companies, including
Ultramar and Plessey in fee UK.
The fee is several thousand
pounds a year, depending on
fee service received.

The currency management
pair transmit fee-paying sub-
scribers advice, forecasts and
news about foreign exchange
‘ developments via telex, tele-
phone and a private page on
Reuters video information
system.

Other clients of Simon and
Coates which have not signed
up for fee feepaying service
can benefit from their expertise
through two monthly publica-
tions launched last autumn.

Bearing the glossiest covers
of any piece of stockbrokers'
work in fee City, fee publica-
tions are edited jointly by
Davies and Morrison but draw
on fee efforts of Simon and
Coates* Saif.

One booklet, mainly Morri-
son's handiwork, concentrates
on currency forecasting and
techniques to help investors and
companies manage foreign
exchange exposure. The other,
for which Davies is chiefly
responsible, deals with a broad
sweep of financial markets at
home and abroad.

Morrison's particular speci-
ality is " technical analysis ” of
currency movements which
involves statistical analysis of
short-term market patterns as
opposed to political and eco-

nomic factors behind foreign
exchange fluctuations.

Short-term patterns tend to
repeat themselves regularly and
fens give an indication of future
price movements.

Davies says he used to be
“very hostile” to his partner's
technical ideas. “ Two years <
ago I thought he was sightly
bonkers.” Now he believes in
the value of the work.

Churning out data on Simon
and Coates’ currency trading
model — which relies on tech-
nical “ signals ” to predict
foreign exchange movements — t
is a full-time occupation for fee
company’s computers.

The two-man currency team
prides itself on flexibility and
accessibility. “People ring up
and ask whether they should
switch currencies or hedge their
positions for more than a week
ahead,” says Davies. “We can
be phoned up at any time of
the day and night If you’re
wrong more than half the time
they’ll fire you," he adds.

Clients can also ask tor
detailed analyses of specific
currencies and problems. For .
instance one company building
a hotel in Portugal wanted a
review of fee prospects for the
escudo.

Davies and Morrison also
claim that their mobility gives
fee service an extra edge. “ We
trot around and give presenta-
tions and answer questions,”
says Morrison. “ We like to
show we're not just faceless
brokerage persons.”

Clients also like fee personal
touch offered by a small two-
man outfit. “We’re competing
wife big forecasting companies
like Predex and Forex Research
as well as fee banks, yet we’re
winning customers.”

Davies admits that during
their five months wife Simon
and Coates so far, “we’ve had
a good or lucky period with our
forecasts. Once we’ve made a
blunder, clients will not be so
kind.”

Specify IMM
for Eurodollars:

the on ly viable international
short-term interest rate futures market,

The IMM has added a Euro-
dollar Time Deposit contract to
its successful family of financial
futures contracts. International
money managers now have a
dynamic new dimension for
offsetting interest rate and cash
market risks.

Since 1972 banks, government
securities dealers and manag-
ers of institutional funds have
used our instruments to hedge
their cost of business. First, our
currency contracts eased the
cash risk of doing business
anywhere in the world. Then,
our T-bill* contract allowed
for domestic short-term inter-
est rate security. Third, and
most recently, our C.D. con-
tract added flexibility to the

domestic short-term interest
rate market

And now our latest addition.
Eurodollars, provides even
more flexibility and interplay
between all aspects of domes-
tic and international finance.

Professionals consider liquidity
a key factor before deciding
to enter a market Liquidity
assures the best prices and
fastest order filling. The IMM,
because of its huge volume
(94% of all short-term interest
rate futures are traded here)
is the most liquid interest
rate market.

Because of the unique spread
and arbitrage relationships now
possible, we have redesigned

our trading floor to insure the
quickest order filling and to
facilitate trading between
T-bills, C.D.s, currencies and
Eurodollars. As a result of the
liquidity, inter-relationships and
flexibility, the only logical place
to enter your order is the IMM.

Ask your broker for a copy
of our new booklet, “Inside
Eurodollar Futures,” or write
to the International Monetary
Market, 444 West Jackson
Boulevard, Chicago, Illinois
60606. Or cal! one of the
following IMM numbers:

Chicago 312-930-3048
Mew York 212-363-7000
London 01-920-0722

*IMM futures contracts in tl.S. government debt are not
obligations of any department or agency of the CI.S.
government

©.

INTERNATIONAL MONETARY MARKET

n of Chicago Mercantile Exc

Offices in New York and London.

t

s

UK NEWS - PARLIAMENT and POLITICS

LABOUR

‘ Finan cia l Times Tuesday Jarmar^26 1982

Fuel disconnections move rejected

BY JOHN HUNT, PARLIAMENTARY CORRESPONDENT

A LABOUR proposal that elec-
tricity and gas boards should
cease all disconnections of con-
sumers . for three months
because of the hard winter was
rejected in- the Commons yes-
iterday.. by Mr Darid Mellon
Under-Secretary for Energy.

Be indicated, however, that
' electricity and gas boards
should be more flexible in help-
ing consumers who cannot pay
their high fuel bills.

Mr Mellor said enormous
costs and increased tariffs would
result from stopping all dis-
' connections.

He also turned down another
Labour suggestion that every-
one on state benefit should have
an extra week's payment in
February to help meet extra
fuel bills.

This he dismissed as wholly
impracticable and said he

nibbed his eyes in disbelief that . £adie:

the Opposition should put for-
ward such a scheme. “ Coal stocks should be

.’Mr Mellor was speaking in a sold cheaply "

r debate on a Labour motion
' calling for Immediate action tn
help those in need because of Minister the mot

the bad weather. demanded an extra

In addition to the two fuel bonus for those

schemes rejected by the rent and rate rebates

Minister the motion also
demanded an extra quarter's
fuel bonus for those receiving
rent and rate rebates.

The Government has put
down an amendment wel-
coming steps already taken to
maintain assistance to meet
fuel costs and commending the
decision of electricity boards to
.suspend disconnections for
seven days.

Mr Mellor told the House:
" Further efforts should . be
made to ensure that reasonable
repayment arrangements are
available to customers who
might benefit from them."

He urged that more should
be done to find a sensible
solution for consumers who
accumulated a large backlog of
unpaid hills.

Under a DHSS scheme they
are allowed to pay off part of
their debts by weekly deduc-
tions of about £1.20 from
supplementary benefit.

Some electricity boards have
refused to. operate this method
because they feel the weekly
repayment is too .small. Mr
Mellor suggested that the debt
limit on such repayment
schemes should be eliminated.

He also said the Government
was not happy that everything
possible was being done to
provide pre-payment meters so

that householders could meet
their fuel bills.

Mr Alex Eadie, a Labour
Energy spokesman, said that as
many as 770 homes a week were
cut off because of non-payment
of 'bills. He maintained that the
Government could' afford to givie
assistance by spending “some
of the hundreds of millions of
pounds'* being saved- by its
social security cuts.

Coal stocks were at a record
level of 40m tonnes and Mr
Eadie suggested - that the
Government should sell some of
this at concessionary prices..

He criticised the arbitrary
way gas and electr.dty under-
takings disconnected consumers.
The code of practice covering
this should be rigorously
enforced.

Customers with large fuel
debts should be offered a long-
term repayment plan, said Mr
Eddie, and there should be dis-
cussion of a partial write-off of
these sums.

Those who had been without
a supply far a month or more
should be offered pre-payment
meters.

The Labour motion was
defeated by a Government
majority of 75 (277-202).

King denies
Labour’s
claim to
lower rates

n IpT 1

ffipTWTT

1 fV 1 ^

BY JOHN LLOYD, LABOUR 'CORRESPONDENT’ .y v

Magee in
talks with
constituency
SDP party

By Margaret van Hattem,

Political Staff

MR BRYAN MAGEE, the
28th HP to leave the Labour
Party in the past 12 months,
announced yesterday that he
hoped tn stand at a Soria!
Democratic candidate in his
Waltham Forest and Leyton
constituency at the next
general election.

Mr Magee, who told his
local partv last Friday of fcis
decision to emit Lahonr. said
he had rejected a« Invitation
From ]Wr John Ropor. the
SUP’S chief whin. to join the
narty at the national !«vel.
FT* was awaiting ‘he o«ite*»»np
of discussions with tho .crip’s

toeal organisation in Waltham
Forest.

If’ 1 Mas’* 1 '* is th«* firef of the
LahotiT dolWtnrs to tear*
jff»r tho SOP’S flopomhor 31
dosdlino. afte* wbirh «i*+in«r
MPs rsnnnf esstirod of

nrnfpniTifial in t*u»

srliwMo" ref parliamontiiy

candidates.

Wh»‘c cMiMtAnninr rMC-ces-
tlnns that Hi* doHsinn ♦« l««t1
tHu tirw n?rtv m’"H< H» con.

HiHnnql •*ssi»"-*nc«vr that Ho

irnnM H« srWtmi os nf'ii.
Tnonftri' Tic wi/* his

inten+te-i *« O'-V the seat was
“ nnmB’wsI.’'

v’Hp+Hbt he wonld

rnwiidev standing at an
i-iitimcn^ont tahnnr rnn-
liMtto. ho rcnliodr “t d"n*t
\y.mt fo anfSoinote Failtivo.”

TTp (a Iaofo

T/vhnnv dT it *■**•■» ♦'‘t*
eopfiqc H'liATl linei Tfi<f bODO

♦bat tk n pahM

Uio loftw-nrd frond «f the

arxi-nnc tu>n voacs.

Tl,. r-oc*-o» -no-HK. pf

Ttlslino's wlion a

tencp T»ofi«'oo«» Toff «m<1 ci**Hf

legs nS^imTifod. ln^ ftfltv

COnfii-»r>ofl l«ii dr>d’< l,n .

"*y o—i oofJc

" Tt is Href an onront-ai-ltin
s|pn.” ho said. 14 Tf moans thf>
H-Hf+m* Stews on tho nrosont
Ttaftlo^irontid. ooditto- Hi- l“ft

all flip pvins it has tnado. w

TTo went o—i to dpe«*i-i>»o
what ho called “ a most
romantic and cdrtn-fim'
«mm>" at hi- lor-,1 IpW-
|>?rh' moctftic lost Wools
irhon. after mnnnnHin' His
HofoctJoti. ‘fro had hoori
ovnollod twin, the mootinc.
Rorcrtl hsrdo».od Ie*t. win vers

had oywrosso d thoir resnoet
for him awd fholr r oorct over

the tun-- ho was hpine treated.

lie stid.

TJhe ’i* Oflnrm Ctttttiltlfr-

him. the WP for TsIino*oti
«or>th and V*nshnrv. who
T.ahottr in yjO'romher. ho hod
not left In order to inis the
enw tfn had glwns hocn a
SorJaT Tiorsncrat at heart, he
cold aod ho honed the SOB
wenld form Air Wjirmi
a‘t«mati-TO to flin Tories at
th® novt e on oral election.

Hr had dlscMssod his move
with Mr Cunningham, who he
predicted would join the new
party before long.

Social Democrats get unofficial
Think Tank-the Tawney Society

BY PETER RIDDELL, POUT I CAL EDITOR

AN UNOFFICIAL Social Demo-
crat: Think Tank has been set
up to promote policy ideas for
the SDP, along the lines of the
Fabian Society. Labour’s
research organisation.

The new group is to be called
the Tawney Society after R. H.
Tawney, the leading economic
historian and socialist thinker.

Tawney is normally regarded
as one of the main influences
on the democratic socialist
strand within the Labour Party
and some Labour MPs were last
night describing the appropria-
tion of the name by the SDP as
“ impertinent and misleading."

The provisional chairman of
the Tawney Society is Lord
I Michael) Young, the president
of ihe Consumers' Association,
while the vice-chairman is Mr
Peter Hall, the former chair-
man of the Fabian Society and
a leading expert on urban
policy.

Many of the founder mem-
bers oF the new group were
formerly active in the Fabian

Threat to
future of
BL division

By Ivor Owen

THE FUTURE of BL’s entire
bus and truck division will be
in doubt without the implemen-
tation of the management's
rationalisation scheme, Mr
Patrick Jenkin, the Industry
Secretary, warned in • the
Commons yesterday.

He rejected a demand by Mr
Stan Orme. Labour's shadow
Industry Minister, for Govern-
ment intervention to end an
official strike affecting the BL
works at Bathgate, near Edin-
burgh. and at Leyland and
Choriey in Lancashire.

Insisting that the day-to-day
conduct of industrial relations
was not a matter for the
Government, Mr Jenkin
declared: "I can think of
nothing more damaging to the
authority of the management of
BL than if I were now to try
to take matters out of their
hands."

He also told Mr Orme:
"Unless good sense returns
pretty quickly then once again
one is going to have question
marks hanging over this whole
part of BL"

Mr Jenkin acknowledged the
achievements nf BL's car
division but marie it rlear that
it could not expect to be in-
sulated from the impending
rise in steel prices.

He had been urged by Mr
Hal Miller (C.. Bro ms grove and
Redditch) to ensure that
Government action did not
result in higher prices for raw
materials, particularly steeL

Mr Jenkin explained that
EEC plans for restoring a viable
steel industry in the Community
must inevitably involve some
increases in steel prices.

He emphasised : "I think it
is fair to say that there can be.
no future for British steel-using
industries if they are going to
rely solely on subsidised steel,
as has been the position until
quite recently."

Society, whose full membership
is now restricted to members of
the Labour Party.

Lord Young said yesterday
that the Tawney Society was
“ going back to some principles
that animated the early
Fabians” and that the Labour
Party had drifted away from
those principles.

Leaders of the society high-
lighted the Social Democrat’s
emphasis on decentralisation as
opposed to w!v>t they claimed
are the collectivist and cen-
tralist tendencies within
Labour.

The Tawney Society is not
officially related to the SDP
hut hopes to he recognised as a
fringe group when the party’s
constitution is approved in the
spring. The society's work is
intended to supplement that
done by the official policy
committee.

There was some irritation
yesterday among SDP leaden:
about the group’s formation
since they were not consulted

officially.

The society's work will con-
centrate on how to reduce
inequality, how to improve
access to public services and
how to implement decentralisa-
tion and industrial democracy.

Apart from research, a news-
letter and other publications
will be produced. The first,
next month, will be by Professor
Peter Hall, and will be called
Investing in Innovation.

The first public conference of
the society will be organised
jointly with the Croydon SDP
on March 13 and will discuss
decentralisation in government
and in the SDP itself.

The meeting will be chaired
by Mr Tyrrell Burgess, chair-
man of Croydon SDP, and a
member of the Tawney provi-
sional committee.

The Tawney society will be
limited to SDP members who
have to pay an annual subscrip-
tion of £5. Tt will be based at
18 Victoria Park Square,
London E.2.

Jenkin welcomes better
productivity figures

BY IVOR OWEN

INDUSTRY is regaining the
ability to meet the challenge of
overseas rwrip Q f ! tion by shed-
d»nc surplus labour and carbine
restrictive pntetires, Mr Patrick
Jenkin. the Industry Secretary,
stressed in the Commons
yesterday.

He highlighted thp "good
news" reflected in the latest
figures, which suggest that pro-
ductivity in manufacturing
industry was 9 to 10 per cent
higher In the third nuarter of
IflSl than at the end of 1980.

Mr Jenkin told MPs: “ Partly
because of this remarkable
achievement, unit labour cost
rises in the UK were among
the lowest oF our competitors.

“British industry is begin-
ning to get into better shape
to beat the competition."

Mr Derek Foster (Lab Bishop
Auckland) argued that the
improvement in productivity
was not surprising in view of
the job losses in manufacturing
industry’ and the record number
of firms going out of business.

Mr Jenkin replied that it was
because there had been a great
deal of concealed unemploy-
ment, inefficiency and restric-
tive working practices that
many quarters of British
industry had not been competi-
tive.

"What has happened is that
under the pressure of recession
firms up and down the country
right across industry have had
to become more efficient if they
were. to survive and they have
shown themselves able to do so.

“It was about time."

Questioned about improve-
ments in productivity by
British Shipbuilders. Mr John
Wakeham, Under-Secretary for
Industry, stated that between
1979-80 and 198081 produc-
tivity in merchant yards rose,
by J5 per cent as measured by
compensated gross registered
tonnes per man-year.

He added: “However, overall
levels of productivity are still
not satisfactory, and British
Shipbuilders are determined to
make further improvements."

Appeal rights for detained
mental patients announced

FINANCIAL TIMES REPORTER

THE GOVERNMENT yester-
day announced in the Lords
wide-ranging powers to give
mental natipnts the leeal right
to anpeal against detention.

The ebanee was announced by
Lord Be Is lead. Home Office
Under Secretary, during the
Committee Stage of the Mental
Health (Amendment) Bill.

He said it followed a ruling
bv the European Court of
Human Rights in Strasbourg last
November, which stated that
Britain was in breach of the
European Convention of Human
Rights.

Britain was condemned hy the
European Court for returning a
45-year-old man to Broadmoor

afteT his wife had complained
to a probation officer about his
behaviour.

The man, through his solicitor
and Mind, the National Associa-
tion for Mental Health, chal-
lenged his further detention,
taking the matter to the Euro-
pean Court, where he
complained there was no
machinery in British law by
which he could challenge his
recall to Broadmoor.

Under the Bill, which still has
to' pass through the Commons,
patients being detained for
more than six months will have
the right to appeal through the
Mental Health Review Tribunals.

DPP to investigate police ‘assault on black’

FINANCIAL TIMES" REPORTER

THE Director of Public Prose-
cutions is to investigate the
case of a black man who claims
he was kicked so badly by
police that he had to have a
testicle removed.

Sir Michael Havers, the
Attorney General, announced
this yesterday during Commons
Question Time.

The issue was raised hy Mr
Michael Meacher (Lab Oldham
West) following an article m
the Observer which said tee
case was reported to the DPP
« who accepted without further
inq uir y a dossier saying the
guilty police officers could not

be traced-” . ,

Sir Michael told MPs he had

spoken to the DPP and “ asked
him to look into the case and
report to me about it"

The Commons heard that in
1979 2.06 per cent of cases
alleging assault against police
were brought to prosecution.

Such a small number was
“scarcely surprising ’’ said Mr
Meacher if the case reported In
the Observer was anything to
go by.

“A Nigerian student who
had done nothing wrong what-
soever was so badly kicked in
the groin by police that he had
to have a testicle removed— yet
the DPP accepted without
further inquiry that the guilty

police officers could not be
traced," he told MPs.

“ Cases like this make a farce
of the DPP’s role under current
procedures."

The 29-year-old student who
is reportedy “ too embarrassed "
to allow his name to be pub-
lished. eventually received
£1,650 compensation from the
Criminal Injuries Compensa-
tion Board after his case was
taken by Southwark Law
Project

He was also given £4,000 by
the Metro poitan Police. They
said: “We do not accept he
was deliberately assaulted by
police officers."

The student made a complaint

after the incident He claims
that in Novemher 1977. he was
dragged out of a car in which
he was a passenger and kicked
in the stomach and testicles by
a group of policemen he could
not identify. c

The driver of the car was
charged with drink-driving and
the student was charged with
being drunk in a public place,
reported the Observer.

At the magistrates' court the
police said the student had
fallen out of the car and could
not stand without assistance —
witnesses denied any officer had
kicked him. But the magis-
trates eventually dismissed the
case, said the newspaper.

®y Robin Pauley

CLAIMS by a Labour MP that
ratepayers pay less in domestic
rates in labour-controlled shire
counties than in Conservative
ones were strongly attacked as
a blatant misuse of statistics by
Mr Tom King, Local Government
Minister, yesterday.

■Mr Jack . Straw. Labour MP
for Blackburn and an Opposi-
tion Treasury spokesman,
claimed domestic rate bills are
on average £38 a year cheaper
in 13 Labour-controlled counties
than in 24 Conservative-
controlled counties.

Mr King said that to make
this calculation merely by tak-
ing an average weddy rate
payment in different authorities
regardless of the types of pro-
perties or their rateable values
was “complete nonsense."

The implication was that
someone living in a detached
suburban house ought to be
paying the same weekly amount
as a ratepayer in a small ter-
raced house. But the real test
lay in the rate poundage
charged by authorities which
should be compared with the
rate bills falling or people living
in similar properties with
similar rateable values in
different areas.

If this comparison was done
on a property with a rateable
value nf £200 in Hertfordshire.
West Midlands and South York-
shire — three areas picked out
by Mr Straw — the average rate
bill last vear would have been
£239 in Hertfordshire. r287 in
West Midlands and £355 in
South Yorkshire.

Mr Kin? added that no Tory-
.. controlled shire county levied a
supplementary rate last year
whereas seven of the nine coun-
ties gained from the Tories by
Labour in May imposed an
immediate supplementary.

In one city. Leeds, which
changed control two years ago,
the Labour administration this
year was likely to levy a rate
which would mean a 1 00 per
cent rise for ratepayers since
Labour took power.

Of the 10 counties with the
lowest rate poundages seven
were Conservative and the other
two — Humberside and Notting-
hamshire — were gained by
Labour only last May. The
tenth. Cornwall, is controlled by

independents.

Durham, which has the lowest
rateable value in the country,
had the second hiohest rate
poundage.

" This demolishes Labour's
eUim to be the guardian of the
ratepayer." Mr Kins .«a 5 d.

Th« argument from both sides
illustrates the dangpr of using
average rate bills and of hying
to draw political conclusions
from average rate payments.

Rate, hills will necessarily he
higher in areas of high rateable
value, bnransr a flicker propor-
tion of tntnt pYprndituro is met
bv ratepayers »n the richer areas
than poorer areas. This is the
underlyipg principle of the
Government's grant system. It
has nothing to do with the
political colour of councils at
any time and was net mentioned
by either Mr Straw or Mr King.

TVoj^ipry staff

cautious on
Budget reform

By David Marsh

A MOVE by the Treasury to
make decisions on tax and
public spending simultaneously
might lead to more effective
policy-making, but would be
difficult to put into effect.
Treasury officials told MPs last
night.

Mr Peter Mountfield, Under
Secretary in the Treasury's
genera! expenditure policy
group, told the Treasury and
Civil Service Committee it
would he helpful if the Chan-
cellor could point immediately
to the lax consequences of
public spending decisions.

The difficulty was. explained
Mr E. P. Kemp. Under Secre-
tary in the Treasury’s central
unit, that there were practical
difficulties in making tax and
spending decisions at the same
time.

They were appearing before
the committee as part of its
inquiry into the Armstrong
Committee report on budgetary
reform. This proposes that the
Government should each Decem-
ber present Parliament with a
provisional Budget covering
receipts an dexpenditure.

Under the present system —
as in the 1981 Budget' — the
Government publishes its Public
Spending White Paper along
with its taxation proposals in
March.

Mr Kemp said the heart of the
difficulty was that the two sides
n fthe equation were on a differ-
ent timescale. Public spending
decisions had to be taken well
in advance of the fiscal year,
whereas the best time to make
decisions was just before the
start of the fiscal year. How to
bridge the gap was, he said, the
heart of the problem.

Mr Edward Du Cann, chair-
man of the committee, said it
was unacceptable that parlia-
ment should be presented with
Budget estimates that were
regarded as holy writ.

But Mr Anthony Beaumont-
Dark, MP. said a decision to
give provisional Budget details
earlier and to consult more
people might lead only to more
paperwork and slow down
decision-making.

UNIONS representing -more
than 70,000 workers in tiie con- -
struction industry' are- to lodge
a claim for a u substantial " pay
rise, and -fox- a wide. package bi
improved benefits. -
At the same time, the major
unions- ip the ; construction
industry— the Union of Con-
struction, Allied , Trades and
Technicians and tile Transport’
and General Workfers Union-
have reached a new low in their
normally frosty relations. . The
TGWU is threatening- to pull out
of the National Joint -Council for
the Building . Industry; the
industry's main bargaining body.

Mr Les Wood, Ucatfs general 1
secretary, said’ that . the rate
sought by the construction
workers — and still to be
formally -agreed by the other
construction unions — would be
influenced by the deal, expected ’
to be concluded shortly by the
new National Joint Council for

the Engineering S^anstruction 7
Industry, fora craft rate iff £ 3 .W ! -
an hour.. The craft rate In the
building industry is about £ 2.30 ,
ah hour. . • ' ’ . •* . .- 7 %

Mr Wood sakl 'that although ■

itnemployicenf T ih the- mdsutey ; -
was about 25 . ’peafcsiV itWdd;:
not • “ act :as -a, brake.^pn.- the.'
union's arguments VWtih^Vthe s
employers. "We don't -beHeve .. .
Ehaf ■ th ose ' who : stay ';iir flrotKP
should be punished because
many of their colleagues are oqt -
of work." L

It ; te not; dear pwfiethwi^tiie-
claim wilt, be -Sit -a." rise equal
to the rate of iESatiori^-^fterr -
the meaning of" a' “svftiStaiiitial

Mr. Wood said: thY- . unaoh ' -
wished, to rest(we--its airanb^o’-'
position to a rate higher -than'
that enjoyed ■ ;. by tnediaiHcal \
engineering workers.- 3 Ms,.-pfci£
the claim- for -a 35 Dour - week,"
Wodld -put the'-effiedfive/eoktat

4S Ta mper cent;

- The «£tfemem, L fciiwever. win
be, affected "heavi& ; by the
depressed Jtate of the. building
; lindhstry.-: ’The r National £*4.-
-eratjon Mof Building Trade
■Employers «aidjfast night that a
’ epeent .survey shewed • the low
■level of. activity continuing,
;'Witb. .qnly a, flight, upturn
/possible.. V. .

‘ • - Last ' year’s .pay incireasp of
72 per .cent was achieved after
; a ’ serious split between Ucatt
;on:the PPe ride and the TGWIJ,

^ with tiie'Gfeneral antf-Municipal
: Workers _ 'and i^.'-FSoxiuture,
-Timber and ^Allied Trades
'-UnSou on tiie; Oth>r J _ bv^ when
r (.^accept' the offer., j .;/ , . ,

- W Trade "unions, representing'
70, 000 ’local authority ' building .
wtnkers 1 -yesterday unanimously .
•fejected an offer :to> increase'
"'rates: of^pay-by £4$0 a r weet

' Talks are expected . .to resume J

- wfeiB iKdr'. weeks. • • >

rfirrr

f » y! M * k fi 1 4 if-m-

likely for a transfer of engage- membership.- Tt. wiU- "raise mhlifcely." I would; have: thought
merits to try for a complete, membership irom the .present" tiiat if it ^creates a stable

merger by April 1. total of L783.000 : .lo ^aboii_t,Tand:well-fiiiided umbnit wfllbe

Mr Jack Boddy, NUAAW 1.85m. „ \ ' advantageous to the industry,"

general secretary, will become NUAAW . leaders, ; recoin- .hb 'explained.

BI r Jack Taylor, the new

Yorkshire miners' leader

Yorkshire
miners elect
a militant

By Our Labour Editor

MR ARTHUR SCAR GILL’S
legacy of militancy in Bri-
tain’s largest coalfield. York-
shire. is set to continue when
he becomes national president
of the National Union of
ititerworkcr? in April.

The presidency of . the-
Yorkshire area of the NUM
has been won hy a close
adherent of Mr Scargill, Mr
Jack Taylor, by a large
majority.

Mr Taylor, formerly vice-
president. was elected by a
majority of 18,834 on a 66 per
cent turnout.

The runner-up was Mr
Johnny Walsh, a moderate
from North Yorkshire, who
polled 9,254 votes. Two other
candidates, Mr John Stones
and Mr Albert Barlow,
collected under 4,000 votes
each.

Before Mr Scargill emerged
as leader of the Yorkshire
coalfield, the area bad been in
moderate hands. There had
been little doubt that Mr
Taylor would win the succes-
sion. but interest will foeus
on the election for the vice-
presidency and secretaryship.

At national level, fbe
importance of Mr Taylor's
succession is that fhe new
president will he able to
count on the three votes of
his area on the executive
committee.

The political balance nf the
executive has been shifting
against the moderates in the
latter years of Mr Joe
Gormley’s presidency. They
now hold a majority of only
one on the 25-man executive.

*Y JQHhl LLOYD, LABOUR CORRESPONDENT >

JOURNALISTS a£- Times' ffews-' -rise last July! The NUJ myi
papers have rejeefed ^'mam^e- j/the -July rise was- >art of w
men* demand for: a dx-month i8-niohth pay deal; which boft ( “-
wage freeze.' . sides had agreed would end on - : -

Avtfce same time print. aiad. January.!: this year. • «

derical workers. in the group , - Journalists. -on. the -Sunday -,
have rejected the preliminary Timqs passed a similar motion
attempts by management to cut last week. They - meet again
bade sharply on staffing 'levels; - tomorrow to review their pori-
and have. seen their own pro- tion: .• .'v* v'- '

posals rejected by manage- The Sunday Times chapel
meut. : • expects lo meet Jfil John Biff en,

A wiAAfimt .11 m J _■

•A meeting yesterday* of- the the Trade Miidplwt.vtfiiS week.
National Union of Journalists’ They allege tfitff .tbe. agreement
chapel (office braiKSil on The lodged witlwdB&wBiffen by Mr
Times:- passed a motion reject- Rupert owner of-

tng as “totally unacceptable " Times N^s^jers, when be
the contention ■ by the news- bought . the-' papers last year,
paper’s management that wage had- beenUhegMhed..--.
negotiations 7 cannot,be entered ’ - The; : say recent

into until July. . editdrial-m*f«ntmeitts and dis-

neeotiatinns cannot be entered - The jq&nwai£ts - say recent
inte until July. editorial^ap^wntments and dia-

Tinifts Newspapers manage- . missais ..had. been made on the •
ment says company polirv is to authority; . Murdoch ahd\
allow at least - 12-months tii not tIiat:d£ ! Wh , jFrank .Giles,' the
elapse between pay rises, arid pape r’jrvedi terras specified ink
that the journalists received a the agreement. 7 . ‘ -

FINANCIAL TIMES REPORTER

PAY RISES of up to 7.8 per cent
for lm council manual workers,
would not be the gbing.rate for;
all local government workers, 3.
management official said yester-
day. '

Because the rises were ratified
in London, however, a .public
service urnon leader said
nearly 300,000 hospital ancillary
workers bad asked for the same
increases. - . .

The fine balance between
acceptance and rejection of the
offer should be seen as a warn--,
ing' that hospital .workers
expected reasonable treatment,
Mr Charles Donnet, secretary
of the union negotiators, saicL

Referring .to the .manual
workers' rises of between 6.3
per cent and 7.8 per .cent, the 7

SmplQyeTs! i^jaf negotiator, j& : .
Brian RushHridge, said thls 4& '
not create^ a going-rate fot^aH
types of 1 local government
workers. .. r - • ‘

Leaders of ! 500,000 tbyra-haH -
staff are . due to' submit . their .
claim tomorrow. -' .- .--V.;-

YesterdayV ratification •: foK’
lowed .. acceptance by 4he

GeMrai aniMumcipal Workers

Union by two - to one, Ihe
Transport and .General Workers
Union by four to three and the
National Union o£ : Public
Employees, by 188;9ft4 votes to
167.317. ...

-■ ’The dear, provides . £i60 a-
week .across', the: board on baste- :
:rafes, a 39-hour week from next'.
November and- better holiday
entitlements. V -

Insurance offer rejected

BY BRIAN GROOM, LABOUR STAFF

THE. ASSOCIATION
Scientific, Technical and Mana-
gerial Staff members at Genehil'
Accident insurance company
have voted by more than -4-1-
in a ballot to reject a' 73 per
cent pay offer. ' ' r •

.Mr Biff -Llnley. ASTMS chair-
man . at ’the company, said. The- ;
5,500" ; union members might
begin taking sanctions before
the end of the week if General

Accident did aiot improve* its
offer. . •

.The Association’ of. Profes-
siouaL Executive,' Clerical and.
Computer • Staff, ' ■ representing
J.200 of '. General AccideSs;
10,500 . staff, has already voted \
to;, begi n a work-ii>rule and '
overtime ban on February I' if-
the^company does not indicate ~
by Thursday that it has an im-:
proved offer to mak&

Labour backs TUC Economic Review

BY OUR LABOUR CORRESPONDENT

TRADE UNION and the Labour
Party leaders yesterday agreed
the main outlines of the TUC's
Economic Review, which calls-
for a budget stimulus of £S.4m
and a range of planning mech-
anisms to tackle unemployment
and stlmulte industrial growth.

A meeting of the TUC-Labour
Party Liaison Committee also
thrashed - out details of cam-
paigns which both sides would
run in the coming months.

It was agreed that the TUC

would concentrate on organic,
ing round the main points !jn
the Economic Review, while fixe
Labour Party would jmoiu# ' a
campaign on the main features
of the Alternative Economic
Strategy, .-' - - /•'

Great stress was. iaid in)the
course .of the meeting-on ; the
common aims of aff |he partici-
pants, now an -almost- obligatory
feature of high levei:.tte«ings
in the' Labour Movement 'since .
the truce reached .st.-'Bjsftbp's .
Stortford. •

• 9 The TUC’s social - Insurance,
end Industrial, welfare- commit- -
tee. ‘today, meets Mr ‘Nbnrian'.
r Tebbit, the Employment -S€fcre;
tary. to protest 'against '

V. in Ifh jjad Safety iExe*

cutive, .and. (in - the Health and
-SafttyGommissipn.

vliifhi icomrnittce, led-^-Mr'V
;_Ray:BucMon,&e-gerrerar-sficren-
. .tiay.'iof Aslef^tim train drwprt-
. union; ;WilI tdl :Mr TebbLt that,
rh* veuts. are- jetting -the safety j
of.^wrirkeis : at -ride * ■ *• ';s

•v S

The Rover name stands for innovative design,

p a^^W^<« Mo s i ^ devdopm “ ,:aD<i

^’“SSilfalkweloiKDXifcRavcrav^^

in. finish.

iSSS^Sne to in.

in handlinfi. in economy, in-comfort and.

of the Rover body have

•window for greater visibility, guaranteed even in poor
weather by a new, prommmed rear \rash.-wipe system.
We’ve xedesignS the interior of the new Rovers

^ W£ ^enewdowpiofile instruments binnacle and
new centre console combine to gveyoufingertip controls
and gm'rW rvread instrumentation all in a totally new

^^ ASy ^yon sitbackin supreme comfort; you’ll
appreciate that a ttaditionalRover luxury-walnut
nanelling-has made a welcome return? . ,

You’ll also welcome the feet that weVe rensai
the tear self-levelling suspension* and upgraded the
braking system to bring you a more positive ana
responsive driving experience.

There are elevenlustrous Rover colours.

And, by using the woild’s most advanced, and ;
proven paint technology, we’re ensuring that thenew.
Rovers areprotectedagaii^taJluierigours of theBntisn.

C ^ ma WeVe also extended: service intervals to 12,000

miles or 12 months. i jj 4

We’ve not ody developed the cars, we've added

to the range as well. ... , .

With anew, 104m/p.h. twin carburettorfive speed
2000 modeL to add to the Rover driving experience.

The six new Rovers. From the ultimate luxury of
WndenHas to the sprightly economy of two litres.

Askyourdealerforatest drive. And an advanced

driving experience.

tes P°^ eAW ° ge ^ ,e ° e ° c&

yypv^NraiviB the driving experience

Financial . Times Tuesday JaiiiraTy. .56.i982

FT COMMERCIAL LAW REPORTS

SBC 1

TELEVISION

L.OWDOIM

Telex acceptance of offer complete when received

BRINKIBON LIMITED v STAHAG STAHL UND STAHLWARENHANDELSGESELLSCHAFT mbH

House of Lords (Lord Wilberforce Lord Russell of Killowen. Lord Fraser of Tullybelton. Lord Bridge of Harwich and Lord Brandon

of Oakbrook): January 21 1982

WHERE A party to a prospec-
tive contract communicates by
telex his acceptance of the
other's offer, the general rule
is that the contract is made
when and where the
acceptance is received by the
offeror: bat if the situation
is not one of simple
instantaneous communication
between principals, that
general rule will not apply
an d the time and place of
making the contract will
depend on the parties' Inten-
tions, sound hasiness practice
and other factors.

The House of Lords so held
when dismissing an appeal by
BriDkibou Ltd, English buyers
of steel, from a decision of the
Court of Appeal (Lord Justice
Stephenson and Lord Justice
Templeraan, June 12 1980) set-
ting aside orders of Mr Justice
Goff and Mr Justice Mocatta in
the Commercial Court. By those
orders respectively, Mr Justice
Goff (November 30 1979) gave
leave to Brinkibon to issue a
writ against Stahag Stahl
und Slahhvarenfcandelsgesell-
scbaft mbH, Austrian sellers of
steel, claiming damages for
breach of coo tract; and Mr
Justice Mocatta (March 11 19S0)
dismissed Stahag's application to
set aside service of notice of
the writ on them in Austria.
+*■■*■

LORD WILBERFORCE said That
Brinkibon desired to sue Stahag
in the UK for breach of an
alleged contract for the supply
nr steel. In order to do so it had
to obtain leave to serve notice of
its. writ on Stahag out ol the
jurisdiction under one or other
of the provisions of RSC Order 11
Rule 1(1). Those relied on were
paragraphs (f) and (g). To
satisfy (f) Brinkibon roust show
that the contract was made
" within Cite jurisdiction to
come within (g/ it must establish
that the breach was committed
within the jurisdiction. The Court
of Appeal had decided against
Brinkibon under both para-
graphs.

Whether There was a contract
could be decided aniy art the
trial. The present question,
inter alia, was whether an
alleged acceptance of Stahag's
offer, sent by Brinkiboa by telex
from London, and received by
Stahag in Vienna, caused the
alleged contract to be made in
London or Vienna.

If the acceptance had been
sent hy post or by telegram, then
on existing judicial authority it
would have been complete when
put into the hands of the Post
Office in London. However, if it
had been telephoned, it would
have been complete when heard
by Stahag, the offeror, in Vienna.

So in which category was a
telex communication to be
placed? In Entores Limited v
Miles Far East Corporation
[1950] 2 QB 327 the Court of
Appeal decided in favour of the
latter category, i.e., a telex was
classified with -Instantaneous
communications. His Lordship
would accept that as a general
rule. Where the condition of
simultaneity was met. and where
it appeared to be within the
mutual intention of the parties
that contractual exchanges
should take place in that way,
it was a sound rule, but not
necessarily a universal rule.

Since 1955 the use of telex
communications had 'been greatly
expanded, and. there were many
variants on it The sender and
recipients might not be the prin-
cipals to the contemplated con-
tract. They might be servants or
agents with limited -authority.
The message might not reach, or
be intended to reach,
the designated recipient

immediately: messags might be
sent out of hours, or at night with
the intention, or on the assump-
tion. that they would be read at
a later time. Tbre might be some
error or fault at the recipient's
end which prevented receipt at
the time contemplated and
believed in by the sender. Maoy
other variations might occur. No
universal rule could cover all
such cases: they must be resolved
hy reference to the intentions of
the parties, by sound business
practice, and in some cases bv
judging where the risks would
lie.

The present case, as in
Entores. was a simple case of
instantaneous communications
between principals, and in
accordance with the general rule,
the contract (if any) was made
when and where the acceptance
was received. That was in
Vienna.

Accordingly, the case under
paragraph (f) must fail. The
case under paragraph (g) must
also fail, in that the breach
pleaded related to acts which
should have been performed out-
side the jurisdiction.

The appeal must be dis-
missed.

*

applying It also to telex messages
sent by one business firm
directly to another. There was
little, if any difference in the
mechanics of transmission
between a private telex from one
business office to another, and
a telegram sent through the
Post Office.

Nevertheless, an .acceptance
sent by telex directly from the
acceptor's office to the offeror's
office should be treated as if it
were- an instantaneous com-
munication between principals,
like a telephone conversation.
One reason was that the decision
to that effect in Entares seemed
to have worked without difficulty
or complaint from the 'business
community. Secondly, once the
message had been received on
the offeror’s telex machine, it
was not unreasonable to treat it
as _ delivered to the principal
offeror, because it was his
responsibility to arrange for
prompt handling of messages
within his own office.

Thirdly, a party (the acceptor)
who tried to send- a message by
telex, could generally tell if his
message (had not been received
on the other party's (the
offeror's) machine, whereas- the
offeror, of course, would not
know if an unsuccesfui attempt
had been made to send an accept-
ance to him. It was therefore
convenient that the acceptor,
being in the better position,
should have the responsibility of
ensuring that his message was
received.

LORD BRANDON also agreeing,
said that the ErUores case was
rightly decided and should be
approved.

The cases on acceptance by’
letter and telegram constituted
an exception to the general !
principle. The reason for . the
exception was commercial
expediency. That reason applied
to cases where there was bound
to be a substantial interval
between the time when the
acceptance was sent and the
time when It was received. In
such cases the exception to the
general rule was more con-
venient, and made on the whole
for greater fairness.

However, the reason of com-
mercial expediency did not have
any application when the means
of communication employed
between the offeror and the
offeree was instantaneous in
nature, as was the case when
either the telephone or telex was
used. In such cases the general
principle relating to the forma-
tion of contracts remained
applicable and the contract was
made when and where the telex
of acceptance was received by
the offeror.

Lord Russell and Lord Fraser
agreed. Appeal dismissed.

For Brinkibon: Anthony

Thompson QC and Alastair Mac-
Gregor (tieald and Niekinson >.

For Stahag: Nicholas Phillips
QC and Martin White ( Link-
later & and Paines).

By Rachel Davies

Barrister

9.05 am For Schools, Colleges.
1&30 pm News After Noon. LOO
Pebble MUI At One. L45 Bod.

2.00 You And. Me. 2.15" For
Schools, Colleges. 3.10 Tomas A
Htw. 3.40 So You Want To Stop
Smoking. 3.53 Regional News for
England (except London). 5.55
Play School. 4L20 Secret
SquirreL *05 Jackanory. 4.40
Animal Magic. 5.05 John
Craven’s New|round. 5 JO Grange
Hill. 5.35 The. Amazing Adven-
tures of Morph.

5.40 News.

6.00 Nationwide (London and
South-East only).

6.25 Nationwide.

6.55 Cartoon.

7.05 Doctor Who, starring
Pqter Davison.

7 JO A Question Of Sport with
David Coleman.

8.00 Ten? and June, starring
Terry Scott and June
Wbdtfield.

JL30 Solo by Carla Land, star-
ring Felicity Kendal.
Stephen Moore and Elspet
Gray.

9.00 News,

9.25 Play For Today; "Com-
mitments,'* by Dusty
Hughes.

10.50- Gladys Knight and the
. Pips at tiie New London
Theatre.

1L23 News Headlines.

11.25 Taking Issue: - Foliticll
debate.

Chris Dunkley : Tonight’s Choice-

"no agonising Dermy’s-intrigiring

programme Who Is SapphoT on Radio 4.. IYom ^-25 Itfe-.wffl.
be- tough even -for owners of -video recorders.' Thoseiof us hooked
on the nasty political and commerdd in-fighting of Muck and
Brass will have been watching ITV for 25 minutes and he .due
to stay for another So. BBC 1 starts Dusty Hughes’s play
Commitments, a sympathetic look at a group of Trotskyists daring
the winter of the .three-day-week, and BBC 2 offers -<ra Arena-, a'
study of John Upffike' whose new book *•* Rabbit IS' RiCh," is.
receiving a staggering amount of publicity. ■ ~ v. ; \

The embarrassment of riches (well, choices) .continues. "At
10.00 while Arena and Commitments are' -stil l run ning. Radio 2
begins its hour-long London. Palladium Story vwth contributions
from a constellation <rf stars {Sammy Davis. Danny Kaye, Harry
Secombe, etc.). It's an \mosualJy good night for Radio 2'whlrii
at 8.00 broadcasts the first -part of its massive, series. The. Golden
Age of Hollywood which will last altogether 24 hours.

At 10.25, with Commitments and “The London. Palladium
Story stall rurming, BBC 2 begins a film profile of painter. Card ;
Weight and at 10.30 ITV- presents The- Standard 'Drama Awards
for 1981. * " . . - i

. . 935 am Schools Programmes. .
12.00-i Button Moon, • ; ;-12,I0 pm
-Left Pretend... 1230 - The'
-Sullivans..- . L05. News.’ jplns JFT
index^ LM. Thfames 'News- with
;Rdfin>Hous&»i.;A L30 -Take The
High Road.- 2.O0 Sf ter- Noon
Hur. Mavis Nicholson introduces
'today’s edition. 2j45. Born And
Bred. 3.45 Welcom e:BaCfc:Kotter.
1.4.15 . DangerraoMse, 420. .Dam's
Wdrid. 4J5 CB -TY~a»nhei 14.
:$.l5 Emmexdaie Farm. ..

: . -5.45 News.' - ■ J'

.fijffl Thames’ News v with
. Andrew' r . .Gardner and
- ' •" Trim Ingrams. ,

. GL20 Help!

00 Crossroads/ -

8.S5.- Reporting London, - •
7.30 The " 3uri Davidson Show:

V Jim Davidson is joined by

. Bob Toddj -Glyn Houston
;. 'ai(4>C2ias and pave.

{fcOO Don^t . Rock 'The Boat,
starring N«gei : Davenport,
> Sheila ; White, John Ftfce
*- •' -and David Janson.;

. &3Q Top of the . World
presented by Ikmoim
Andrews,. ;

v 9.00' Muck and Brass.-.’ -

,10.00 News. •'

1030 The . Standard; .Drafts
AWards- for 1981. :■

'ilLSO-Kaz. -

1028 am _ Close:- •“ Sit JUfr-ud-.
r \ -listen .-' with ; vGiHlan.

, ; Reynolds^ . •

! J + Indicates; programme in •

• . : black and white’ .

11.00 am Piay Softool.

3J>5 pm Giri in a Glider.

425 Exmoor Man. ■

5.25 Tides from a Long Room.
+5.40 Undersea Kingdom.

6.00 The Waltons..

6.50 News Summary. ' .

-' 6.55 AustraHan T^lm Seisop;

' • > Cat£y's «d. M .. •
2JJ0' Russell '.Harty, .- :/■

8.00 Pot ; ; >

- 9 JS Arena. .! ’• ; !v. ' ' :

10.25 Care], Weight ; . ■
10^0-11.40 Newspigbt vVy' ,., A V

All IBA Regions as London
except at the following times: —

LORD FRASER, agreeing, said
that the question was whether
acceptance by telex fell within
the general rule that it was
required to be notified to the
offeror in order to be binding,
or within the exception of the
“ postal rule " whereby it became
binding when (and where) it was :
handed over to the Post Office.

The posting rule had been
extended to apply to telegrams
sent through the Post Office, and
there was much to be said for

JIM OLD, who recently trans-
ferred his operations from
Ashmore -in Dorset to a bigger
establishment near Bristol,
could know by this afternoon
whether he can land this year's
Triumph Hurdle at the
Festival meeting. 1

By about 1.15 pm, Cima, the
second favourite he trained for
the £20,000 Daily Express race,
will have defended his unbeaten
record over the minor obstacles
in Nottingham's opening divi-
sion of the Stop Gap four-year-
old hurdle.

Cima ought to have few prob-
lems despite 21 opponents.

Supported almost from the
start of business on the Triumph
Hurdle six weeks ago. Cima
never looked like letting his
followers down in his hurdling
debut at Leicester on New
Year’s Day. . Backed from 3-1
to 9-4 joint favourite, Cima was
always travelling too well for
his rivals. He won. unextended,
by 15 lengths from Drink
Deep.

Unless a careless mistake

RACING

BY DOMINIC WIGAN

puts paid to his chance at Nott-
ingham, Cima, a smart per-
former on the fiat, will again
underline his Cheltenham pros-
pects.

Only once out of the frame
in his last right races. Rolleston
made no mistake at Towcester
on his most recent appearance,
winning as he pleased from
Casland and Desert Hero. Still
on a lenient mark he is pre-
ferred to the Ayr third, William
The First, in the Carlton
Hurdle.

CHEPSTOW

1.45 — Critical Times

2J5 — Price Review

2.45 — Abbey Brig
NOTTINGHAM

1.00— Cima*

2.00— Rolleston***

2.30— Wait And See

3.00 — Leckie**

ANGLIA

12.30 pm Gardening Time. 1-20
Angfie News. 3.46 Does the Teem
Ttrink? 6.00 About Anglia. 7.00
Bygones. 11.30 The New Avengers.

12.30 am A Bit of a Pantomime.

BORDER

1-20 pm Border News. 3.45 Does the
Team Think? 5.15 Mork and Mindy.
6 . DO Looks round Tuesday. 7.00 Em mar-
dale Farm. 11.30 Border News Sum-
mery.

CENTRAL

12.30 pm The Young Doctors. 1.20
Central News. 3.45 Does the Team
Think? 5.15 Mork and Mindy. 6,00
Crossroads. 6.25 Central Nows. 7.00
Emmerdala Farm. 11.30 Camrai News.
1.35 1B82 Bud ins’ Grand Master Daria
Championship. 12-05 am Tuesday Jasz
and Blues: BB King.

Crossroads. 6.00 Channel Report. BJO
Does the Team Think? 7.00 Private
Ben;amin. 1028 Channel Late News.
11.30 Thriller (Tha Death Policy).
12.45 am Commtntaires at Provisions
M area rlogiq nos.. ^ ;

GRAMPIAN -

9.30 am First Thing. 12.30 pm Pahrt
Along With Nancy. 1.20 North News.
3.45 Does The Team Think?. 6.00 North
Tonight. .7.00 The Two Of Us, 11.30
Tha Monte Carlo Show. -QL30 am
North Headlines.

except-'— 4.35^50 am Am Cymru. '11(39^'
11iB4 About Wefas... • .T2.CO-i2.10~ pm
Y Lfysrau Lion. 4.16-4.45 Cajhigam."
S.IO^JD-. Mr", Mafioo. ! 6.00 Y.';Dy<fd.'
<5,15-6.30 Report WaJee.'.- 10,30 PetJnns-
Prim 11.T5-12.1Bi am The-' 'Standard-
"Drama Awards- for 1 S 8 lr ''

"Taaih ‘5.16 Radio.-. -SioO Coast

■ to Coax. " 6-00 Coast, to Cont fcprni.
7iOO Emnwdeie Farm; . /H-30: Vegas.
.12130 epi Company. - . •' ■■■.-Jr-

GRANADA

1.20 pm Granada Reports, 3-46 Doss
The Team Think? 5.16 DKCrant Strokes.

6.00 Granada Report*. ff.25 This: t*
Your Right. .7.00 Emtnerdaie Farm..
11J30 &’ty of Angels. . " .......

. SCOTTISH.

' - 1230 'pm' Gardening -Time. . 130
Scottish r News Haediinas. . Roed .end
' Wawhe* Repdit. 130 : Thr .Electric
Thiatra Show. ’ 3.45 Does .The Taam
Think? 6.16 Teetime Tales . SJ2D Crosxr
reads. .630 Scotland Today. 6J20 Job"
Spot. 630 Whet's Ybtir Problem? 7.00
Take Tfje High Road: _T!30 Ule "Call:
:i135 Ladies Man". ' 1235 «nr 1382
Butfin’e Grand Mesfen Darts.

-;W" ; - TYNE TEES . ^ : tr '

' - J B3S am Tbe Good. Word. . &30 North
&st News. ■- 130 : pm North" East XMi
. end Lookacound. ' 3.45 The .Rlordans,.
,6.15 Survival. 6.00 North'. East N*w».
6.02'- Crossroads. 635 Northern iifa.
7.00 EpimetdahTFarm. 1030 North East
Newa. 11 30" The Two -Of 1230
I-Hib. Other. Side.-. : ,v. - '.

CHANNEL

12.30 pm Mr end Mrs. 1.20 Channel
Lunchtime News. What's On Where
and Weather. 3.4S Square One. 5.20

HTV

1230 pm Paint Along With Nancy..
130 HTV Newa. 3.45 Does The Teem
Think? 5.10 Ask .Oscarl 5.20 Cro*s-
roads. 6.00 HTV New*. • 830" Arthur
at the Britons. 7.00 Emmardsie Farm.
1038 HTV News. 1130 The Amazing
Ynnra tri Cinami.

HTV .Cytnru/Wplee— A« HTV "West

’• : TSWv J > '•'•=.

1230 pm R4r -arid Mrs : 130 V TSW

Newa HaedKnas. . 3.45 Square "Ona.
530 Crossroads. 6.00.. Today South
West. 630 Does.-' Tha Team Think?

7.00 Private’ Benjamin ; T032 TS W Lata
News. 1130 Danger UXB: 1230 are
Postscript. 12.36 South West Waather.

TVS

130 pm TVS News: 3.45 .Don The

:-V V" ULSTER ^ ; . ;

- 130 pin Lunchtime. - 3.® ^Oona .Tha -
Teem Think? A. 13 Ulster .Newa. . 815 "
Radio. 6.30 Good -Evening Ulmer.-' 9M
Good Evenmg Ulster. 4 7.00 {fnmeftttla .
Perm. 10.29 Ulster Weather- : 11 JO •
Bedtime. - - . • - •..^.^.• ,.7 ';;..

YORKSHIRE^ v 7 ' •

.12.30 pm Does The Te»pt Think?, )
130 Cgiender News. a.45;'-Ci<*«djr I
Tuesday. . 6.15 Benson. 6 ",o i^andsr . '
(Emiay . Moor and Belmont J ditiflta).

7.00 Emmordilo Farm. 1C8? Barney
MHfer. _ , •— ; V'

iR(

«c

(5) Stereophonic broadcast
i Medium wave

RADIO

RADIO 1

5.00 am As Radio 2. 7.00 Mika Read.
9.00 Simon Bute*. 1130 Dave Laa
Travis. 2J30 pm Paul Burnett. 330
Stave Wright. 5.00 Peter Powell. 7.00
Taikstoout. 8.00 David Jansen. 10.00-
12-00 John Peal (S).

RADIO 2

5.00 am Steve Jones (S). 730

Terry Wogan (S). 10.00 Jimmy

Young (S). 12.00 Gloria Hunnrfwcf

fS). 2.00 Ed Stewart (S). 4.00 David
Hamilton (SJ. S.4S News; Sport. 6.00
John Dunn (S). 8.00 Tha Goldan Aga
ol Hollywood (S). 9.00 Liaun 10 the
Band (S). 9.30 The Organist Enter-

tains (S) including 9.55 Sporta Desk.
10.00 The London Palladium Story-

11 .00 Brian Matthew with Round Mid-
night: 1.00 am Truck era' Hour (SJ".
2.00-5.0Q You and the Night and the
Music (S).

RADIO 3

635 am Weathar. 730 Newa. 7.05
-Morning Concart (S). 8.00 News. B.05
Morning Concert (continued). 930
News. 9J>5 This Week’s Composer:
Bruch (5). 10.05 The Baroque Tradition
(S). 11.05 Schumann and Uszt piano
recital (S). 12.10 pm Midday Concert,
part 1 (S). 1.00 Newa. 1.06 Sis Con-
tinents- 135 Midday Conceit, pert 2
(SJ. 2-05 Jack Brymer clarinet and
piano recital (S). 3.00 Alban Beig
Quartet TS). 4.25 Jazz Today (S). 435

News. 5.00 Mainly .for Mautwe"(S):

7.00 Richter .Pleyr Schumann (Sj. 7.30
James Joyce: A Touch of the Attiet (S). :
830 Hnidamlth "Kammermuelfc part 1
(S). 9:10 Tha Private Papers ot tf«nry
Ryncroft by . George Sissing- .RJO
Hindemith Kemmermusik. , part. 2 : (S).
10.15 Evening Magic (S). 17.00- News.
11.05-11.15 Sibe(riJji:(S). ; > .

: RADIO 4

■ 6:00 r am Nbwji Bribing. 8:10 Farming
Today.'- 535." Shipping . Fotacaet. 630

Today. 836 Yasurday in the.Perlianwrit.

9.00 Naws. ; 9.(fi Tuesday" Cell: *10 00
New*. 10.02 From Our Own Corriaspoh.-
■rient. 1030 Dally Service. 10.45 Morning
Story. 11.00, News. 11dJS Thirty-Minute

.' Theatre- 11^6 WUdltla. • 1?.Mi Nwii.,-1
12.02 pm You and Youts, 1237 •Q««ta%'.

; : Unquote (S). 12.55 Waedwf;.iBt>.' ,

. gramme news. 1.00 The Wodd' a; Ohe. 1 •

- 1.40 The Archers; 1.55 Stripping Fora- I
' cast- 2.00 News. 2.02 -Woman ’v Hour." J

3.00 News 3.02 A Pair of 8»oe Eyas
by Thomas Hardy (SJ. 4.00. Places '41 '
.Pilgrimage. 4.15 Pater DaVrattn. '4A5
Story Time: 530. PM: News Magazine.
530 Shpping Fomcaet. 635 Wttatbar.-_

- programme newa. 6.00 News. Including •
EiMheiel' Report;: 630 Never .Too;. Uitr

, (SJ^T.OO Newe. 7.05: jha, Arcftefr; 7.20 1 -
MsdicinB Now 7.50 The SeaSidd ln
Wmter. -B35 Who la SapaM?..1fa05-lri
Touch. 330 Kaleidoscope. 9.59- Waaler. ", '
-10, OO^Tha World Tonight... 1030 Legal.
Decent. Honest- and TrtithftJlr(S>. 11.00
A "Boblt at Bedtime; 11.15 The Pinaitciil
World -Tonight' 1130 Today to Pallia- . •
.^nent 12.00 News.

f ;,

. :"i" I ’’.r

"_'| 3 .'> Y.

BOND

B

R A WINGS

IRELAND

9% U.S.S Bonds 1985

CASSA PER IL MEZZOGIORNO ._
6% Guaranteed Bonds 1 985

S.G. WARBURG & CO. LTD., announce that the annual redemption instalment of
U.S.S900.000 due 1st March, 1982 has been met by purchases in the market to the nominal
value of U.S.S28S.000 and by a drawing of Bonds to the nominal value of U.S.S61 2,000,

The distinctive numbers of the Bonds, drawn in the presence of a Notary Public, are as
follows;—

S.G. WARBURG &CO. LTD., announce thattfm redemption Instalmentof CT5.S1, 200,000
due 1st March, 1982, has been met by purchases in. the market touche nominal value of
U.S .592,000 and by a drawing of Bonds to the nominal value of .U.S.S1 ,108,000.

. The distinctive numbers of the Bonds, drawn m the presence of a Notary-Public, are as
follows:— . — - ...

i BsSTtial

11

33

50

64

S3

103

128

163

179

197

211

243

251

268

284

■ 293

339

360

383

399

412

445

527

549

582

604

- 655

694

707

729

778

797

819

S63

886

927

956

980

1014

7087

1078

1099

1146

1197

1217

1353

1379

1399

. 1421

1433

1452

1470

1511

1556

1595

1620

1633

1649

1676

1722

1737

1757

1775

1788

1826'

1862

1888

1924

1941

1958

1975

1987

2002

2042

2057

2079

2099

2116

2126

2153

2219

2251

2275

2311

2331

2372

2387

2430

2444

2555

2571

2584

2599

2610

2525

2641

2655

2670

2684

2699

2712

2727

2742

2761

2777

2794

2814

2837

3009

3032

3049

3066

3136

3168

3210

,3234

3306

3358

3402

3432

3447

3470

3485

3533

3778

3799

3815

3829

3844

3860

3889

3902

3918

3932

3946

3963

3986

3998

4041

4059

4073

4087

4100

4113

4128

4145

4169

4186

4201

4241

4259

4271

4324

: 434 a

4401

4417’

4441

4454

4466

4524

4541

4556

4645

4661

4694

4716

4745

4777

4790

4805

4831

4848

4869

4891

4908

4920

4935

4956

5014

5030

BOBS

508 J

5105

5124

5139

5162

5173

5190

5202

5225

5245

5263

5277

5303

5314

5331 .

5347

5361

5378

5396

5408

5423

5436

5469

5483

5500

5515

5529

5544-..

, 5556

5570

5586

5598

5615

5631

5643

5658

5674

5688

5702

5718

5730

5746

5772

5781

5797

5813

5831-

5850

5878

5892

5909

5932

5945

6961

5979

5991

6007'

6023

6055

6093

6132

6142

6T62

6179

6190

6204

6219

6244

6260

6273

6289

6303

6313

6363

6386

6407

6452

6533

6546

6560

6574

6750

6734

6804

6852

6878

6892

6928

6945

6961

6977

6992

7009

7066

7080

7097

7154

7168

7183

7213

7252

7279

7294

7308

7323

7386

7393

7415

7434

7487

7533

7561

7592

7656

7714

7750

7766

7785

7799

7840

7906

7932

7956

7969

7986

8052

8067

8083

8097

S 112

8127

8140

8164

8179

8193 .

8257

8281

8302

8317

S335

8343

8364

S379

8391

8407

8428

8452

8467

84 B3

8495

8514

8534

8546

8661

8578

8591

8614

8628

8642

8655

8673

8687

8701

8717

8776

8322

8884

8898

8933

8949

8966

8983

8998

9011

9053

9120

9135

9147

9207

9222

9235

9248

.9263

9279

9294

9309

9323

9337

9356

9371

9384

9399

9413

9423

9443

9457

9470

9523

9538

9552

9565

9623

9699

9763

9765

9780

9795

9808

9823

984 9

9859

9874

9904

9919

9933

10130

10245

10282

10296

10309

10326

10348

10363

10375

10471

10491

10506

10521

10535

10552

10836

10848

10861

10875

10891

10908

10923

10942

10959

10981

10996

11006

11022

11036

11052

11067

11081

11094

11109

11121

11138

11154

11167

11179

11194

11207

11224

11239

11251

11266

11282

11294

11310

11326

11341

11359

11371

11383

11433

11445

11470

11486

11520

11535

11551

11564

11577

11592

11607

11641

11657

11671

11637

11699

11712

11727

11741

11756

11769

11792

11804

11823

11834

11848

. 11871

11887

11898

11923

11937

11949

11965

11980

11991

12007

12023

12035

12064

12077

12093

12107

12122

12135

12147

12203

1224 7

12263

12288

12308

12321

12336

12346

12362

12376.

12400

12450

. 12465

12512

12578

12588

12616

12643

12654

12672-

•12686

126S5

12714

12766

12784

12801

12820

12865

12873

12892

12906

12919

12958

12972

12986

13002

13016

13145

13160

13578

"13596

13627

136401

13662

13720

13735

13748

13792

13809

13623

13837

13851

13870

13890

13905

13919

13945

13967

13970

13985

13999

14015

14031

14045

14058

14068

14036

14099

14129

14144

14159

14172

141S6

T4200

14214

14231

14244

14260

14275

14285

14299

14386

14402

14439

14454

14468

14484

14498

14512

14523

14563

14580

14607

14622

14635

14651

14667

14681

14700

14717

14732

14745

14764

14779

14794

14810

14826

14981

14841

14994

14856

14869

14884

14800

14916

14928

14954

14966

9726ZO 9730 9732 9742xo 9753 9770TO 10112 10118 10119

10125 10226to10285 10501 to 10525 10551 10557 10558

10562TO10579 1 0582 10 11 09Q 11191 to 11211 11223 to 11250 11266 to 11275

11311 to 11380

o u •] el

• T -

On 1st March, 1982, there will become due and payable upon each Bond drawn for redemp-
tion, the principal amount thereof together with the accrued in terest to said data at the office oft—

S.G. WARBURG & CO. LTD.,

30, Gresham Street; London, EC2P 2EB.,

or one of the other paying agents named on the Bonds.

Interest will cease to accrue on the Bonds called for redemption on and after 1st March,
1982, and Bonds so presented for payment must have attached all coupons maturing after that
date.

U5.S3.500.D00 nominal anount will remain outstanding after 1st March, 1982. I

The Bond No. 8541, drawn for redemption 1st March, 1977, has not yet been presented
for payment.

30, Gresham Street, London, EC2P 2E8 26th January, 1 982

From 14.50% to 14,0Q>%p.a

With effect fib|^i> :

ssday, 26th Jaiitary

■ iooo ■

1982

r^.-fwisT * ,.2

imj.vm.um

INSTITUTIONAL INVESTMENT
SALESMAN/WOMAN

A letding Canadian investmun house mki an institutional securirjas
sslasman/womsn lor id London offica. Candidates should hsvs a

; 7 day deposits ^ •/-•

1 month deposits ll.ZS^pA >:

Short-termdeposits
Worn 12.50% 1014.10% p.aJ

: : depencGngfW ;

; (minimum £500 &6month^

good educational background and a record of success in the develop-
ment ol business. ‘Prior, fafoerinnes in The Canadian or American
markets WOCrid be .desirable vinK not essential aa a period of
lam Ilian sati on in Ce'rtada is available if necessary, prior to employ-
ment in London. 'Remuneration and fringe benefits wilt bs generous.
Applications, marked confidential and enclosing copy ol curriculum
vitae, should be addressed to:

THE MANAGER, GREENSHJELDS INCORPORATED
48 FREDERICK'S PLACE. LONDON EC2R 8 HT

Your caring sharing bank

NAME YOUR OWN
SALARY & CAR...

Wa ere looking for an experienced
advertising space safes director

who can |aln us— preferably 'bring-
ing a team of experienced people
with you— to taka over sales on a
range of titles. If you're good
enough to meet our targets, we
can meet yours.

Ring 07-629 0908 for details

On 1st March, 1982, there will become due and payable upon each Bond drawnforrademp*
Hon, the principal amount thereof, together with accrued interest to said date at the office of;—

S.G. WARBURG & CO. LTD.,

30, Gresham Street, London, EC2P 2EB.,

or with one of the other paying agents named an the Bonds.

Interest will cease to accrue on the Bonds called for redemption on and after 1st March,
198 2, and Bands so presented for payment must have attached all coupons maturing after that
date.

U.S.S4.2OO,O0O nominal amount of Bonds will remain outstanding after 1st March, 1982i

The following Bonds previously drawn for redemption on the dates shown below have not
as yet been presented for payment,

1st March, 1977
791

1st March, 1978

LEGAL NOTICES

2G January T982

NOTICE TO EDR HOLDERS

kN THE MATTER OF.
S.P.1. ADVERTISING LIMITED
AND IN THE MATTER OF
THE COMPANIES ACT 1S45

Further to ndllee ol October 2J, 1BBI
The Chat* Manhattan BanV, N.A,
announce that the interim cash dividend
»l Vt" 37S per share has been M „.
verted to U.S. Dollars and amounts M
S 1 6 A :? 4 _on>sj Per EDR representing

693 2242 3573

4230

4799 4830, 5805 ' 6351

1st March, 1979

6987 9036 9362

12293

14215

1494

8667

3307

6903

3826

9924

3885

12297

3948 4903

13873

1st March, 1980

6338

6802

6857

8475

126

382

991

1366

1627" 1673

1942

2114

2137

2243

3310

3369

3401

“ 3830 .

3356 "3985

-4245

4440

4644

4733

4817

4933

5232

5764

5810 6274

. 6854

6980

3098

8121

8329

8576

■SB 07:

0918-

12464 -13583

14373

14611

14936

30, Gresham Street, London, EC2P 2EB

26 th January* 1982

S164-9* gross o«r edr representing
10.000 Deposited Shares end si 6.49
gross oer EDR representing 1,000
Deposited Sharas. All presentations will
be subject to deduction ot Japanese with-
holding UX nr any) at the aooroprlate
rates and representative payments will
*aj* follows:-—

EORs representing 10.000 shares
$131-9$ net or Si 40.20 net after de-
duction Of 20T4 or IS"* Japanese with-
holding tai respeetNeW.

EDRs representing 1.000 Shares 113.1?
net or $14.02 net after deduction ot 20%
Or ISJ^ Japanese withholding tax

rM fh? 1 rate Ot t*x deducted wllf depend
upon the residential stains qi the bene-
ftcial owner and the appUcatton or any
Double Tex "Treaty concluded with
Japan. Alhdavtt* will be required In all
curs where • withhold kip tsx of Fes,
than 20 par. cent Is to, be uaed

Accordingly 6pR iwklera may present
Coupon No. f torthwiBi at tl"» olllcn of
Ttw Chase Manhattan Bank N.A.. wool-

pat* House. Coteman Street. London
EC2P 2HO or at Chase Manhattan Bank
Luxembourg S.A., 47 Boilevard Rorjl.

Luxembourg- ,or at Kredletbank SJV.
UntembourgeofM. Sou leva ra Royal.

L '"tHE < c!JaSE MANHATTAN BANK N.A.

■ London as Depositary

January 19*1.

NOTICE IS HEREBY GIVEN that tha
creditors of the above-named Company,
which is being, voluntarily wound -up.
■re requited, on or before the 2 £th day
ol February. 1982, to sand to their lull
Christian and surnames, their addresses
and descriptions, full particulars of
their debts or claims, and tue names
and addresses ol lheir Solicitors . (it
eny). to .the undersigned PATRICK
GRANVILLE WHITE ol 1 Wardrobe
Place. Cartel Lane. St. Paula. London
EC4V 5AJ. the Liquidator of the said
Company, and: if so required by nonee
in wmlng from the said Liquidator, are.
peroonefly or by their Solicitors, to
come in and prove ttwir debts or claims
at such lima and piece- as ahgii- be
-• -rilied in such nonce, or in .dBiault
iiicrcof they will be excluded ‘Irom the
benefit of any distribution made before
such debts «ra proved. -
Dared this 16th day of January 1982.

P. €. WHITE. Liquidator.

Ibnneco Inc

^[BVNECOj

HOUSTON, TEXAS

1982
- is our 36th-
consecutive
year of cash
dividend;
payments.

The 1SB2 first quarter drvhferitT df : .
•G5fcper stiare on me Comrtidn Stock.
'.will be.paid March 9, t6 .stodc-
hoIderG.trf reccrd on Eehniaiy^S.-
About238XI00 "StocKholdefsf'wiS share ,

in^reanings. V; ■..

Automobve Parts - Chemhais •Agriculture &LsndMux^e<n&it

Packaging • Shipbuilding. • Insurance.-- .

M -jelZI 5

mm

eve has outlived the others hoeaus* of a
ocrflcr of fair piar and value for money.
Snoner from 10-3.30 am. Otyco and trip
musicians, glamorous hgabrases. enltliRr
ho ar s ho w s. 180 Regent St. 734 ass?.

11

SHOE explores Commodore’s computer plans

ing the ‘pop’ machines

IMAGINE . THAT each in-
dividual make *' at \ record
play^r could play only jtbe pro-
ducts of one record company
and : j*o': other, .and the prob-
lems caused : byVtxnnptrter soft,
waie wbkb .nu^ oidy on one
make -of L«rrnputei^ come into,
perspective. C. 1

: Imagine - also -the . effect in
the Triarhet of the jaanch of a
machine . ..wtiidt - '•dOuld-.'^Uiy' re-
cords from an the recording
companies 'rr "everybocty’O _soft-
wse,.ia other -words — and it
is clear why- rinnours that Com-
modore- Business Machines is
planning to Taonch'a *i virtual ”

microcomputer t shook the

nticrocwbpuJ^ -- world . last
week.

Romoursr

y AStfdng » ihe bottom end of
the pescsohal 'computer spec-
trum, .* ' Commodore . Inter-
national has improved upon its
low-cost VIC 20 computer with
a new, model that offers 64K
of internal-- memory, a cart-
ridge _ game skit, music
synthesiser and audio capabili-
ties. t

The 64 Is designed to be
hooked up to a TV set and is
very much, a home computer.
It will be available in the U.S.
this spring, , and izt Europe
-later tijis year. :
r s But inews^-Of this latest pro-
duct has, however,- been over-
shadowed by tumours of what

the company's nest announce-
ment is to be.

According to reported re-
marks of Jack Tramiei, Com-
modore’s chief executive, at a
recent, consumer electronics,
show in Las Vegas, the com-
pany Is planning to launch a
computer system that' will
emulate . the most popular
machines made by . Tandy,
Apple and IBM, while selling
for far less — below U.S.J1000.

The emulator would get its
own computer power' from a
6S10 8-bit microprocessor —
the same one that Commodore
u ses in the model 64. .But by
plugging in an extra micropro-
cessor circuit board, .' the
machine could be made -to act
as if it were* for example, an-
Apple II, or an IBM personal,
computer. Then, in theory at
least, the user could plug in
and run software designed for:
.one’ of the “ brand name”
machines. “

Reactions to the rumoured
emulator sent Apple’s stock
tumbling $2 in one day as In-
vestors perceived a threat to"
the company's market position.

The Commodore machine
would have immediate access
to ttie very large libraries of
financial, text editing and busi-
ness programs • already
developed for ' the popular
Apple and Tandy micros with-
out the. need for expensive
development itself. '

succeeds in Japan

BY CHARLES SMITH, FAR EAST EDfTOR M TOKYO

TECHNOLOGY developed by a
British company could earn as
much as £10Dm in . licensing
fees from Japan in the next .
It) ' to 15 years according to
one. of the men responsible
foer its development. . ..

: ARC Concrete, a member of -
. .. the Amey Roadstone Corpora- .
tion group which til turn
belongs to Consolidated Gold-
fields, says the process is
known in Britain as Slimline. -
It involves the n^e of glass
fibre, instead of steel 'to
strengthen concrete drainage
-pipes... -

ARC started experimehtiiia:

- with glass -fibre 11 years «ga ! ' 5 '

- -mainly because- of- the,. high . .
costofsteel intfae UR The
process which it developed •
.uses., a . specially designed

feeder machine to deposit
liquid concrete and glassdbre
■ lnsldea spinning pipe .mould.

- The vofnme of glass -fibre is
about one tenth of the amount
of steel needed to produce a
conventional drainage pipe
and the concrete . is thinner.
One result is 4be elimination

. of the- bell ends' on' conven-
tionalpipes- -These take, up
extra space andcali for wider'
trenches than are neededfoT
the slimline variety. • ... ,

ARC demonstrated -Slimline
at the British Marketing
Centro in Tokyq in May 1979, .
mid received a positive reac-
timt from ujfiacnds «f .the •

Ministry, of Construction who
visited the exhibition. -

Partly because of Ministry
encouragement, seven of
Japan’s top drainage pipe
makers have now signed
licence agreements with ARC
and one, Knrimoto Hume (a
. subsidiary of Kurimoto Iran
' Works) has opened a pilot
plant to produce the pipes.

Kurimoto is expected to
■ raise its production about- ten-
fold from the present level of
53)00 tons per year by the
autumn. By then ABC’s other
. she Japanese Ucenceer should
be operating piants with capa- .
dtfes of about 50,000 tans,
each.

.'•..The -. Japanese market
attracted ARC because only
30 per cent. of houses are
connected to sewerage sys-
tems. The government plans
to increase the ratio sharply
in the next few years.

. About 4m tons of pipes a
year are turned out by
Japanese manufacturers, but
this is expected to rise to
5m tons' by the ’80s as. main
drainage is extended to half
of the country’s homes,

’ARC has sold its technology
In Scandinavia, the U.S.,
South Africa and Hong Kong.
The company hag its eye on '
possible future demand In
China and South East Asia.

ARC is at The Ridge,
Chipping Sodbury (0454
316000). .

>+***««£*»*

f I* "v • - ^

m' m

. * „ ■ -'Si” >

•v -< -ov*- ■

Notice to holders of PilCAllil

FCOTSU LIMITED . ^ ‘

(FBjHwJC.fco.Wki Kwhs) OVV*

: -idm^Comtmnr) dill

U&SM > ««MWJ%E per cast ¥

- - : CnmitiUe Bonds 996 C OTMTIIOI*

' (UkTSob*') JfUilplCl

FDJITSIJ LIMITED

(FnJHwJC«fcod4*JKwh«)

. : . (ti»-co«p«r > •

tLS. SM.MMW per cart
. ? - i : CmratlUe Bonds WC
• (tte^Vondi*)

• RmsnaiittoChnise7(B)and(Oor
tBcTmst Deed dated 28th May. 19SI
_u*aer. which the Bonds were issued,
hotree thereby given as follows:

L Oc January 6. 1982 the Board of
JjHWtorxofthe Comps ay resolved to
issue new .shares of Common Stock
tiffoogh public offerings in Japan and
dwsl&orjapan oix February 25, 1982
. CTokyo The number of new
sbaresto be issued is 50.000,000s hares
: “ JapansndJO.OOO.OOD shares (in the
fomnrfEwopeanDcpositaiy Receipts)

mauilyiaEnropc (excluding the V sited
jSiyes ptAmerica).

2. Issue of new shares may,
.bpoBiSjRictresGlt in an adjustment of
tte fflavijsion price of the Bonds

v w . _ _ _

8onds. Thc conveniop price of the
Bonds m effect on the date hereof is
Yea 732 jvr chare of Common Stock.

K1JJITSD LIMITED
By: The Bank of Tokyo .
Trust Company
osTrusiee

l&tcd; January 26. 1982

WEIGHING ONLY 460 grans
and measuring 118 x 74 x 44 nun,
the AFC 123 air sampler from .
Casedla London (01-253 8531) is
a battery driven pumping unit
that can be worn at the i
employee’s waist to 'keep a check
on the air be is breathing.

The pump, which has an input
aar flow adjustable between 1.0
and 2B Mtres/mim, can have
various beads- attached to allow
'retention of dangerous fumes or
dusts.

Altecnatfaefcr a miniature
cyclone head can be used to
isolate the respirable fraction of
airborne dust, or Kquid/stiiea
gel traps for collecting toxic
gases or vapours.

To compensate for the build-
up of contaminant being
sampled, feedback circuits sense
Increasing demand on the motor
driving the pump and adjust the
motor voltage accordingly.

“ Commodore seems to be
moving towards tsbe universal
machine concept which we
expected the Japanese to do
first" according to Mr TJlrich
WeiL industry analyst for Mor-
gan Stanley and Company.

“ If Commodore does what it
say s it will,” he predicted, “ the
hardware side of the personal
computer market will take on a
commodity aspect-"

But - while the emulator cer-
tainly sounds fike an attractive,
proposition, industry ex pe r ts
are sceptical “ Fm taking a wait
and see attitude,” says Jean
Yates of the consultancy Gnostic
Concepts. Others are. more
outspoken suggesting that Com-
modore wfll never be able to
doit, Getting software designed
fur one system to run on another
is sot as easy os plugging in the
right microprocessor dip, they
point out.

There are lots of problems to
be overcome, not the least of
which is bow disks that bold
the programs are formatted,
something that is different from
one machine to the next
Some personal computer
manufacturers doubt that Com-
modore can carry out its plan.

Mr Steve Jobs, Apple chair-
man and founder, said : “I think
the Apple H has a chance of be-
coming a commodity product.

“ Sooner or later someone will
figure out a less expensive way
to braid a computer that will run
Apple programs, but I am sure

we wiH manage to compete in
the same way that Sony stiff
manages to make a profit even
though other companies make
turntables that will play the
same records that Sony turn-
tables wiJJ.”

He doubted that the Commo-
dore virtual machine could be
made without violating Apple
patents especially those involv-
ing Apple data storage devices :

Apple II computers can
already be made to emulate Z80
based machines by plugging in
an extra circuit board (supplied
by independent vendors). This
is one popular method of con-
verting an Apple II into a high
performance word processing
system, since one of the most
popular word processing pro-
grans happens to be designed
to run on a' Z80 system.

Label

Emulation does, however, in-
volve using non-standard hard-
ware and possibly non-standard
software. It will, therefore, have
little appeal (except for price)
to the average user who needs
the support of manuals and
expert service.

"While industry experts do
expect software compatible
"copies” of the most popular
personal computers to appear
before long, when they do arrive,
the betting is that they wall
carry a “ Made in Japan ” label.

m

Lovell

for Construction

Scrap cutter for metal strip

Death of the valve

SO FAR as Mullard is con- shut down. -
corned, the domestic receiving The statistics are impressive :
valve is no more. Having made over the years the plant has con-
over lbn of them in the last 40 sumed stme 2m mles ot wlTe -
years or so at the Blackburn 25,000 tonnes of glass and about
plant, the line has now been 20bn metal parts.

UNDER a sole agency agree-
ment with Schwarz of West
Germany, Welwyn Tool is now
able to supply a scrap cutter
for metal strip and skeleton
waste working for material up
to 3mm ffrick.

The cutter can be linked to a
transfer press or sheet working
machine and preset to make up
to 60 cuts per minute. Maximum
material width which can be

handled is 300mm provided the
tensile strength does not exceed.
450 N/mm 2 .

Two other models are in-
cluded in the range with smaller
ratings for cutting 2mm-thick
material. These can be fixed or
mobile.

Welwyn also offers a machine
mounted scrap cutter to fit on
the bed at the end of the work-
ing area. This can be designed
to work synchronously with the

machine's program control.

The relative distance of the
separately controlled cutter
heads can be adjusted for
different material widths and
punched strips with staggered
spacing can be separated.

Welwyn Tool is at Stonehills
House, Welwyn Garden City
(Welwyn Garden 29121).

MAX COMMANDER

Universal

Work

Pillar

UNIVERSAL "Work Pillar, the
latest idea in work benches, has
been introduced by Camera
Marketing, 14 South Avenue,
Farn ham, Surrey (0252 725329).

The pillar consists of a floor-
mounted column with a circular
slotted p4ate on top fitted with a.
universal joint The work piece
may be held in position by holts
-through the slots or G damps.
The joint can be locked in posi-
tion by a foot-operated lever.

Height from floor to work-
plate Is S30mm. The workpiece
can be tilted and locked in any
position from horizontal to
vertical

Valve for
welders

THE Wescol hose check valve,
which can be fitted to the inlet
of a cutting or welding blow-
pipe. has been introduced by
Welding Equipment Service of
60 Waterloo Road, Wolves
hampton (0902 22227) .

The Wescol vaive is designed
to prevent back-feeding- of
gases on unequal pressure
within the system. The valve,
the company claims, is designed
to ensure gas flows in only
one direction during operation.

Full technical details are
available from the company.

Gould focuses
its electronics growth
in six rapidly expanding
market segments.

Electronics growth
continues to accelerate.

Overthe last five years, sales
of Gould’s electronic products
have grown from $230 million
to almost $700 million. Thafs a
compound annual growth rate
of 32 percent. Pretax earnings
have tripled, and the recent
divestiture of our industrial
group means that almost
70 percent of pretax earnings
now come from electronics.

This growth will be further
stimulated through expanded
research and development
efforts and by small selective

acquisitions to increase our
product offerings within the
targeted market segments.

With this new corporate
strategy, we are building on
our proven technological
capabilities to give us the
strongest competitive advan-
tage. This positions Gouid for
market growth to provide
above average returns for our
shareholders.

To learn more about our
strategy, write: Gouid Inc.,
Dept J-9, Roebuck Road,
Hainault, Essex 1 G6 3UE Or
call 01 -486-9021.

✓32-bit super minicomputer:

Newer, more advanced applications offer
many growth opportunities.

^Factory automatioit
Minicomputers, programmable and
factory controllers, servos, transducers,
and other controls tor the revitalization
ollndustry.

-Test and measurement
Precision instruments to gather, process,
analyze and record test data with great
speed and accuracy.

• Medical instrumentation:

For patient monitoring, cardiovascular
and cardiopulmonary applications.

. Defence systems:

Heavyweight torpedos, towed array
sonar systems and navigadon
communication systems.

k Electronic components and

materials:

Copper toil for PC boards, switching
power supplies and AC power condition-
ing equipment for computers:

Electronics 46%

Electrical 54%

Electronics 69%
Electrical 31%

■> GOULD

Electronics & Electrical Products

Financial Times Tuesday Januaiy -26 1982

SCOTTISH TEXTILES

FINANCIAL TIMES REPORT

Scotland’s ' reputation as a
textile producer' is based
almost entirely on wooL And
within the woollen side (the
percentage of man-made fibres
is relatively small) two
sectors dominate: knitwear
and woven cloth. The
remainder of thg industry
deals with yams, industrial
textiles and carpets.

Beeaose of its concentration
on the top end of the market,
selling to relatively affluent

countries, the Scottish indus-
try has weathered the cris is in
the British textile industry
rather better than in England.
Its labour force has dropped,
but not nearly so strongly, and
so Scottish output Is now a
larger proportion of total UK
production than it was three
to five years ago.

The quality end-product
comes through the Industry's
use of cashmere, mohair,
camelbair, angora and alpaca.
Its pm»n markets are countries

such as West Germany, the
UA, France and Japan, with
strong emphasis on its tweeds
and tartans.

The industry sow employs
about 50,000 people, a drop
of about 9,000 since 1977.
These are concentrated in two
main areas— the Borders and
the North East Investment
has been maintained at rela-
tively high levels in woven
cloth and knitwear and full
advantage has been taken of

government assistance to put
In new machinety. But in
both the industrial textiles
and carpets sectors there have
been severe redundancies In
some firms and the level of
prosperity here is not nearly -
so marked.

Although the workforce has
dropped, in some parts of the
country it is still difficult to
find skilled engineers and
loom mechanics. He oil

industry has sacked away

many of these skills from the
industry in both the Gram-
pian and Tayside regions
though in the Borders labour
turnover, is relatively low
because of the lack of alter-
native employment
The success of Scotland in
selling its products overseas
win be a major factor In the
condoned prosperity of the
industry. .In knitwear and
woven cloth probably 70 per
cent to 80 per cent of output
goes abroad.

The cherry on the knitwear cake

BY ANTHONY MORETON

ALTHOUGH THERE are no
statistics to prove it there are
probably more overseas bu si nes s
trips out of the small border
town of Hawick, proportionate
to the size of its population,
than from any other town or
city in Britain.

If that seems a large clai m
for a town of 16,000 people it
has to be understood that the
20 knitwear concerns in the
town, and others around it, such
as Barrie Knitwear, Pringle,
Lyle and Scott, Jaeger and Peter
Scott, have to export to stay in
business.

They are all operating at the
very top end of their business.
They make knitted wooHen
garments from cashmere and
other expensive fibres and there
simply is not a sufficiently large
market in the UK to keep them
in existence. They are, there-
fore, continually beating a path
to Edinburgh airport and the
great world beyond.

Furthermore, the Hawick
knitwear concerns have tradi-
tionally marketed their goods
directly to the retail trade
rather than deal through
middlemen so they have bad to
ensure their goods go to those
places which will give them the
greatest return.

Allocations

Not that this is a difficult
task, even in the highly com-
petitive knitwear world. Mr
George Peden, managing direc-
tor of Barrie Knitwear, says
that for the last four years his
company has given each of the
retail outlets an allocation of
sweaters, dresses, skirts, jackets
and coats. “We simply cannot
produce what they would take
off us and we are not prepared
to drop our standards to pro-
duce more.

“ We have expanded over the
past five to seven years to meet
increased demand but this is a
relatively labour-intensive part
of the knitwear industry.

demanding great skills, and so
we must ensure that those skills
are not dissipated in poor pro-
duction.”

Mr Peden’s words would be
echoed by any of the other
manufacturers in Hawick. This
small town is what Mr Archie
Purvis, secretary of the Scottish
Knitwear Council, calls “ the
cherry on top of the knitwear
cake.” That contention is borne
out by the figures.

In the 12 months to the end
of September, 1981, Hawick’s
knitwear manufacturers had a
combined turnover of £57 .23m
compared with £52B6m in the
previous 12 months. This figure
compared to a total knitwear
turnover for Scotland of
£96.99m (and £94.45m in the
12 months to September, 1980).

All the concerns in Hawick
are working in natural fibres
whereas there is a sizeable
percentage of companies in the
rest of Scotland using artificial
fibres and cheaper wools in
combination.

The difference between
Hawick and the rest of the
Scottish industry is also a
matter of production. Hawick
uses flatbed machines needing
a high labour content whereas
the cheaper end of the garment
known as the cut-and-oew
sector, is more capital intensive. '

Hawick and its surrounding
areas can afford to concentrate
on the qimity goods because
these are doing much better
than the rest of the trade. Its
markets are the affluent ones
like Germany, Japan, France,
the U.S. and Canada and it
concentrates on producing
branded goods.

This does not mean its firms
have to be big. Glenevan Mill,
in nearby Innerleithen, has
just 14 employees, 10 of whom
are knitters. Glenevan is
thought to be unique because
it is probably the one company
in Scotland which depends
wholly on sales of intarsia

knitwear.

In tarsia, an expensive pro-
duction process, is the system
by wbich complex and multi-
coloured designs can be trans-
lated into knitwear, such as
floral schemes containing up to
10 shades. Simple designs,
such as diamond shapes, can be
produced by machine but more
complicated shapes cannot

Taking Scotland as a whole
there are probably some 8,000
people employed in knitwear
and although there have been
redundancies in the last few
years, partly due to the intro-
duction of new machinery,
sales of fully-fashioned outer-
wear have been growing at

about 5 per cent compared
with somewhere around 4.4 per
cent for the whole of the UK
The industry Is dominated by
one company, Dawson Inter-
national which trades under
blue-chip names such as Barrie,
Pringle, Braemar. Glenmac,
Gladstone and Ballantyne. It
has just under 7,000 employees,
though not all these are in knit-
wear since the company is also
in spinning, fibre processing
and merchanting
What one outside observer
described as the “sheer man-
agement efficiency ” of the
group has contributed
materially to the prosperity of
the Scottish knitwear industry.

although there is no doubt that
this expertise is found in most
of the knitwear companies.

If there is an area of weak-
ness it is that insufficient drive
is being put behind mar ketin g
the products as Scottish goods.
Most of the manufacturers
want to link the product with
their own brand name and in a
world that is seeing famous
names such as St Laurent,
Klein, Gucci and Quant pre-
dominate this is natural.

But the word Scotland
carries with it a valuable cachet
and the industry might do well
to pay more attention to a
marketing label incorporating
the saltire or the thistle.

, lilyfwr-,
I ''&W0

• * ; U tM 5 f '■ 4 '

v.r.o

’t w-:*- •“ \.»'A

Two examples of mtatsid, or inlaid mute- -
coloured; patterned ; ■■ knitwear, a .method :
of production.^ in. which - Hawick and its
' surrounding area specialises. ‘

Orderly contraction for jute

*

THE STORY of jute in Dundee
Is one of perseverance in the
face of decline. From an in-
dustry in Its heyday between
two world wars, only a few firms
remain and even the list of
members of the association of
jute spinners and manufac-
turers in 1968 appears to have
been thinned by a whiff of
economic grapesbot cutting its
ranks down from 29 to 12.

A world overcapacity in jute,
the impact of imports from
India and Bangladesh and
changes in both the recent
fortunes and production
methods of the carpet industry
lie behind the plight of this
industry.

In the mid-Sixties some of
the manufacturers in and
around Dundee saw the dangers
ahead for jute and diversified
into synthetic substitutes — so-
called polyolefin textiles wbich
enabled them to look for new
markets.

Some 70 per cent of jnte goes
for the backmg of carpets. It

is still used for woven carpets
and jute producers say the
round high quality jute fibres
account for the bounce in up-
market carpets.

Jute is also used for roofing
felt, damp cotusing and for
h essian sacks. The synthetic
market, although a diversifica-
tion from jute, has been equally
dependent on the carpet
industry, in particular for
tufted carpets. About 60 per
cent is supplied to carpet
makers, according to the
British Polyolefin Textiles
Association. Polyolefin tex-
tiles also have been used for
sacks and in road construction.

The recent decline of the
carpet industry which itself was
feeling the draught from the
U.S. and Belgium, meant that
both jute and the polys, as they
are known, have suffered. In
terms of bales of jute the
Industry is manufacturing only
about 35 per cent of its output
10 years ago while -.the
deliveries of carpet yarn are

now less than half what it was

ixyears ago.

The polyolefin textile associ-

ation members, hurt by tufted
carpet imports and foreign
competition as well as world
overcapacity and increases in
polymer costs, suffered their
first downturn in 1980 only
producing for the home market
shout 13,000 tonnes compared
with the previous year’s 15,500
tonnes.

Determination

Among the band of jute pro-
ducers still operating— most of
them in Dundee — there is a
determination to hang on. Their
policy in the face of Asian com-
petition has been to move up-
market and promise customers,
especially those in Britain, a
source of supply less subject to
political ructions.

It was the creation of East
Pakistan — now Bangladesh — in
1947 that had the effect of
doubling the world output of
jute. Althougi the industry

started in the last century in
Dundee it was quickly taken up
by Indian producers closer to
the jute crops. With the crea-
tion of Pakistan supplies of raw
jnte from East Pakistan were
no longer all funnelled through
Calcutta as the region set up its
own industry and vastly in-
creased world production
capacity for a shrinking mar-
ket

Today, agreements between
the EEC and India and Bang-
ladesh place quotas on imports
of the small range of high
quality speciality jute manu-
factured material produced in
•Bri tain. These aply until 1983
when all restrictions win be
lifted.

In Dundee, the jute industry
was taken up because the region
had a history of textile produc-
tion. Its centre as a whaling
port encouraged the use of
whale oil to soften the jute
fibres in the spinning process.
In better days before the ’
Second-World War, the industry

:

>«£... i -I. . •...

;Xf

employed about 30,006 workers,
a figure which had shrunk to
6,000 by . 1976 and' today has
dwindled to about 3,500, -
One aspect which has allowed'
a relatively orderly contraction .
in' the industry has been a .
record of good industrial rela- '

turns. Manf acturexs have praised,
the understanding by. the trade
unions of the plight of the In-
dustry. and, a readiness to help
find .and teach , the right produc-
tion levels. ••••■•.

Mark Meredith

Proud to be

-v;:.

'Vl- . -

Scottish

At Dawson International we’re proud of
our Scottish traditions, and the way thejf e
helping us make a lasting impression oh the
markets of the world. . /

Our Scottish cashmeres, lambsw'ools and
shetlands, knitted by Pringle, Ballantyne, A
Barrie, Braemar, McGeorge, Glenmac andi Ik
Gladstone, are synonymous with quality iri 67
countries; over 70% are sold abroad, I,

Our Scottish yams, spun by Tpdel & v
Duncan, Laidlaw & Fairgrieve and Blackwood
Brothers, in a rainbow range of colours from

I : V.-\

s m _

of all British woollen yam exports.

The Dawson mix of quality and style,
whether in management or products, with its
blend of traditional Scottish skills has, over the
past five years, more than proved its worth, y

our profits rise to over £20 million, and a near
five-fold increase in our dividend. -

It’s not only being Scottish that makes us
feel- proud.

We’re equally proud of our Scottish ' •
achievements. v -.

iip

jVi/tq!

|OF SCOTLANDJ

• ' • * >•-’ i .. ‘ > •*

6 braemar j. & d. iticoedbee Gladstone

•• • ' • Mv .-- 1 - - V

BARRIE KNITWEAR LTD

ne

ih W ' Ji

w v a i h i v,v 1 1 . m ULyr. ijuuc?- r f- n .

A wealth of Scottish tradition SiM®

" m • ■" "■ v 1 ■ ">-! j^i'j ■**

. *■'“

1 A •' ■'V-E.":?.--. s '-. 1

Financial Times Tuesday January 26 19S2

13

SCOTTISH TEXTILES

Harris tweed keeps
its top place

ANTIQUATED MAY be beauti- to the running costs of having It was a productive bur not a
ful in terms of Harris tweed, certifying officers in each mill happy era in the memories of
In. the Outer Hebrides it is by paying 5p a metre of produc- the family firms who run the

easier than on the mainland to tion.

industry today. Jealousies were

buck some of the economic The fees cover the admini- rife and co-operation practically
trends and survive with a partly stration of the Association with non-existent.

In many ways the record 7m

cottage-based industry. its headquarters oo the main- In many ways the record 7m

Harris tweed has survived to land at Inverness, the pay of yards of tweed produced in
put on a confident face while the certifiers who work inde- 1960, does not point to the sec-
much of Britain’s textile in- pendently in each mill stamping tor in its heyday but rather a
d us try frowns. With a painful every three metres of cloth, and ramshackle industry with many
bout of rationalisation behind it the costs of litigation to protect mills each trying to out-produce
and successful marketing the Harris tweed symbol. The the other,
tactics to keep it growing, the Association has already success- a period of mergers, closures
tweed industry' looks to a fully fought a mainland pro- and consolidations started as a
promising future. duc&r trying to label his cloth slump hit Harris tweed at the

dustry frowns. With a painful
bout of rationalisation behind it
and successful marketing

ggg

Carpets

find

survival

kit

tweed industry' looks to a fully fought a mainland pro-
promising future. duc&r trying to label his cloth

At the heart of the industry Harris tweed,
are three factories on the Isle The orb mark on tweed — the
of Lewis in the Western Isles, one which usually finds itself in
The mills card, spin and dye a prominent place on the lining

tl

Harris tweed. end of the Sixties. From the

The orb mark on tweed — the 7r* yards, output dropped to
one which usually finds itself in 2.6m' in 1975.

The mills card, spin and dye a prominent place on the lining Employment fell from 900 to
wool and farm it out to about of a jacket or suit — certifies a houl 400 mill workers and the
650 independent weavers work- that it is made from pure virgin 1,000 weavers contracted to
ing on pedal-driven looms in Scottish wool which has been fewer than 600.
cottages and huts dotted about dyed, spun, woven and finished The proportion of tweed ex-

the islands. The mills finish off
the woven tweed for the market.

There is nothing unique
about the ability to make tweed
on the Outer Hebrides and the
manufacturers on Lewis have

The proportion of tweed ex-

: - !

Three factories on Vie Isle of Lewis card, spin and
dye wool before farming it out to 680 independent
loeavers working on pedalrdriven looms in cottages

Hebrides 1 ^ 311115 ° f **” ° Uter fel L^_ ar 5Ll-„:?P* JlS 1 Thomas Smith and Stephen

, .. - . , . . llll)U11111 WUUU1 a more cordial, co-operative

needed outside financial assist- gums. working relationship compared

ance. another sought an outside The group found itself with with lihe rivalries of the pasL
buyer and a third nearly went heavy over^pacHy and costs They produce the same material
to the wall. in 197 5 ^ was ass isi e d with under the one generic mark

Protected

to the wall.

help each other
crisis brought on.

manufacturers on Lewis have This certification system has Today Kenneth Mackenzie and “ participation and will help each other

been worried in the past by protected the industry from its Holdings is the largest pro- £ the h inlands and Islands through a crisis brought on.

cloth from \orkshire and else- competitors and at the same ducer of Harris tweed with Development Board and the say by machine failure. But

where. But what their mills time allowed it to continue its about half ofthe market. The ICFC competition for export markets

have which is unique is the traditional system of production m iiL once spread about in ' remains strong,

protection of a joint trade mark, which makes good use of the several buildings on the island. Good season Each mill appears to have a

the Harris tweed insignia islands’ human resources. It was consolidated by Kenneth favourite export outlet, one

stamped on the cloth. It is a The Harris tweed mark gives Mackenzie, the present manag- Mr I. W. Lawrence, one of looking to a European spread

self-imposed and financed certi- the industry an individuality ing director and heir to the the directors, reported a for a large part of its sales, the

have which is unique is the traditional system of production m iiL once spread about in

protection of a joint trade mark, which makes good use of the several buildings on the island. Good season

the Harris tweed
stamped on the cloth.

insignia islands’ human resources.

It was consolidated by Kenneth

It is a The Harris tweed mark gives Mackenzie, the present manag-

self-imposed and financed certi- the industry an individuality jng director and heir to the

fication of exclusivity; a mark other tweeds cannot match,
of authenticity and a working The confidence of tod
example of quality control. Harris tweed producers foil

“It means that while other nearly two decades of

directors, reported

other tweeds cannot match. family business, onto one site promising export performance other to the U.S. and a third

The confidence of today's on the outskirts of Stornoway, and a good season behind the doing well in Canada as well

Harris tweed producers follows ' Mr Mackenzie has kept the firm which now holds roughly as the U.S.

un- family quality in the company a third of the market.

tweed manufacturers have to certainty and consolidation — while turning it into an inter- Kenneth Macleod in Shaw-
rnove down market to find new some would call it a dangerous national company, Scottish- bost is the smallest and most

demand, we can maintain our period of contraction.

position near the top
through this guarantee.

In the early ’sixties the in- 12 years ago.

English and European Textiles recent

Each has a resident designer
and the mills produce hundreds
of new patterns for' the spring

mills and autumn fashion seasons.

ex- dustry had a serious over-

Mackenzie

plained Mr Derek Murray, the capacity— over-spind lea ge as tweed production throughout been formed from

employing 60 workers, about Great attention is
half that of Mackenzie, having customer relations.

managing director of his family-
owned mill. Kenneth MacLeod

in Shawbost on the remote 1,000 weavers at one point. economic level to meet demand in 1934. Despite the pressures

western shores of Lewis. On top of this came about 15 in a relatively depressed mar- of the past 10 years the com-

The orb mark was established so-called converters who would ket and make best use of the paoy has retained its inde-

by the industry in 1909 to take yarn from the mills, de- existing resources of the pendence.

certify Harris tweed. It has sign their own tweed, send it islands. The mill has become very

become the chief function of off for weaving and then return Clansman Holdings near by much a focal point for the small
the Harris Tweed Association the product to the mill for brought together three family community on the west coast

manufacturers called

The three rely on good over-

this small industry has now merchant business set up by seas agents and. Clansman and

There were six mills and about reached its most efficient and Mr Derek Murray's grandfather Kenneth Mackenzie trade under
1,000 weavers at one point. economic level to meet demand in 1934. Despite the pressures various names familiar with

of the past 10 years the com-
pany has retained its inde-
pendence.

regular clients.

Every day lorries leave the
mills with hessian sacks filled

The mill has become very with weft and warps for the

island’s

weavers

weavers. The 680
are members of a

and each producer contributes finishing.

Export buoyancy aids woven cloth

THE ABILITY of the manufac- with 73 per cent in 19S0.

turers of woven cloth to send
a large proportion of their out-

The European Community is
the main destination for the

put abroad, and particularly to cloth, taking 57 per cent of all
the affluent high-income mar- sales in 1980. Within this figure
kets. has contributed to the West Germany takes 29 per cent
success of this part of the Scot- followed by Italy with 9 per
tish textile industry weathering cent.

phe recession rather better than The u s is ^ fiecond largest
its counterpart in Yorkshire. market, taking 19 per cent

Some 73 per cent of Scottish directiv of Scottish cloth, corn-
output of woven cloth goes pared 20 per cent in 1979.
abroad directly and when made- Despite this slight setback, ex-
up garments are included the ports t0 ^ u.S. have been
proportion is almost certainly r jsing steadilv and consistently
over 80 per cent. since 1976 .

Exports in 1980. the last year *

for which full figures are avail-

The actual amount of Scottish
cloth going into America is

iij me I'uiuuiirti .-VJ3ULW uiuii ui ~ - , - .. . "

Scottish Woollen Manufacturers, cent .would indicate. Woven
This was a threefold rise over has to overcome an extra-

the £14. 6m recorded as ordinarily steep tariff wall im-

firras, S. A. NewaU and Sons, of Lewis. All three mills report centre which has charge of

distributing work evenly to
prevent production stoppages
and to feed all members with
1 1 _ ^ 1 _ J. | _ work equally according to their

aids woven clotn T» B "arssr h .

card with the pattern details
sometimes requiring as many as

... 1 ... — ' . .I, - - ■ ■ .I—, five different colours of thread

* used in the weaving process.

SCOTTISH WOVEN CLOTH The weaver, usually working

In a hut behind his house or

.. ■ - — cottage, powers his loom by

1 Q 7 * 1 Q 7 R tn -7 iQTfi 1 Q 7 Q iflsn foot which requires some energy
1975 1976 19.7 19<8 1979 1980 _ it ig ^ cycling up a

Output (m square metres) 12.4 13.8 15.85 15.22 13.85 14.4 gentle hill on an ord btice.

Turnover (£m) 37.2 36.7 51.7 55.S 54.2 58.0 finished 80 yards or so

Exports (£m) * 14.6 2L9 30.6 32.0 34.5 42.5 of cloth making up the tweed

is returned after two or more

Main markets <%): days for cleaning and finishing

U.S 7 14 15 16 20 19 as well as certification at the

Canada 5 5 7 5 7 5 mill.

Japan 7 6 8 8 9 _6 Whatever the advantages of

EEC 52 55 55 54 50 57 their protected production and

Rest of Europe 19 12 9 10 9 7 well-cultivated market, the

Others 10 8 6 7 5 6 industry has one permanent

RssTSs p *sr s ' 6,Ki 6 ' 65( ' mm 7 ' 8o# T ’ 3M SEME! Mrs

nlnveo IV\ 4.650 5.340 5.2JUI 6.440 8.090 8.600 tbe . rnainlant3 for delivery. It is

1976 1977

Output (m square metres)

12.4

13.8

15.85

15.22

13.85

14.4

Turnover (£m)

37.2

36.7

51.7

55.8

542

58.0

Exports (£m) '

14.6

2L9

30.6

32.0

34.5

42.5

Main markets (%):

U.S

7

14

15

16

20

19

Canada

5

5

7

5

7

5

Japan

7

6

8

8

9

6

EEC

52

55

55

54

50

57

Rest of Europe

19

12

9

10

9

7

Others

10

8

6

7

5

6

Permanent employees

6,600

6,650

8,450

8,400

7,800

7,300

Total assets per em-

ployee (£)

4,650

5.340

5,280

6.440

8,090

8,600

the £14. ora recorded as

recently as 1975 and even Posed by the U.S., and Scottish
allowing for inflation this is a manufacturers have been Jook-

pa£d“S r tl!?Ss!.*and SrottiSh Source: Natiorial Association of Scottish Woollen Manufacturers.

very substantial increase.

ing at ways of circumventing

which unavoidably adds to the
costs of the doth.

Mark Meredith

THE EYE of the storm has
passed through the carpet
industry In Scotland. The
casualties have been heavy
and the survivors have
shown that they can bang on
through the worst.

The worst came in Novem-
ber when BMK Carpets in
Kilmarnock called in the re-
ceivers. A household .name
for Its Axminster carpets,
BMK was in serious difficulty
and although the receiver
was looking for a buyer for
a working factory, the plant's
1,500 workforce faced an un-
certain future.

In December another com-
pany, Forfar Carpets also
called in the receiver. High
interest rates placed the
future of its tufted carpet
range as well as the jobs of
Its 4® employees at risk.

Thomson and Shepherd in
Dundee, part of the Sander-
son group, closed down
Axminster production with
lbe loss of 100 jobs.

At Elderslie, near Glasgow,
Stoddard Carpets, now the
UK’s second largest producer,
hoped the worst was over. Sir
Robert Maclean. Stoddard’s
chairman, hoped for a return
to profit after two years of
serious losses.

The recessionary storm was
aggravated by imports of
cheap carpets and world over-
production. Belgium and the
UJS. exported tufted carpets
at the lower end of the mar-
ket and made life misery for
UK producers. American pro-
ducers, according to the
British, were able to pay 20 to
40 per cent less for their raw
materials.

What makes the UK market
particularly vulnerable Is its
easy penetration by Imports.
It is one of the most concen-
trated carpet markets in the
world according to Scottish
producers. Importers need
only get to know 14 people,
they say, to have potential
access to 50 per cent of the
market. In West Germany
there might be 1,060 outlets.

Stoddard’s survival kit has
looked like this. A spread of
product range from tufted,
through bonded carpets up
through the more exclusive
Axminster and woven ranges.

Stoddard has been able to
imnro'C the top end of the
market by reducing capacity
for Axminster. The group
dosed down production at
Henry Widnetl and Stewart
at Eksbank near Dalkeith, but
kept mi (he sales and design
staff.

The company also has kept
on its other names, including
Templeton which came in
with Stoddard's purchase of
the Guthrie CorperaOon’s
carpet Interests, Kingsmead
and Lyle Carpets, last- year.

£30m

— our level of investment reached .last year in
Polypropylene Textiles „ demonstrating our
confidence in this important industry.
Polypropylene finds its way Into an endless
variety of industrial applications. Principal areas
of use today include:

Backing fabrics for tufted carpets and underlay
Yams for woven carpets
Bags/sacks and bulk earners of all sizes
Fabrics for road works and soil stabilisation
Fabrics and yams for textiles in the home
Sewing twines and yams for a wide range of
industrial applications

British Polyolefin Textiles Association
195Hawkhill Dundee DD1 5HN
Telephone Dundee (0382) 25881

Member Companies
Scotland Bonar Textiles Ltd

Don Brothers Buist & Co Ltd

Wm Haltey & Sons {Manufacturing) Ltd

H & A Scott Ltd

Scott & Fyfe Ltd

Tay Textiles Ltd

J & D Wilkie Ltd

England Amoco Fabrics (UK) Ltd

Smith & Nephew (Polyfabrik) Ltd
N. Ireland Synthetic Industries (Ireland) Ltd

England

BPTA

The world’s most
expensive
twist staling doth

SIGN OF THE
TIMES

Developing

the textiles of
tomorrow

The Don Brothers, Buist Group

k'.r " Forfar • Scotland,

■■"Textile ‘hTanoi-f act Lifers" si nee'

The statistics also show that this. tariff-free. The reason for the naturally, the tartan. There are'

exports are now playing a more The cloth has to surmount a latter is that Harris i s some 400 tartans produced
important role for the industry. 48 per cent barrier, which is categorised .as a hand industry, although the market is domi-
In 1975 they accounted for half upsetting to the manufacturers on which no duty is levied. nated^ by a small number of

M. M.

turnover by value compared who see Harris tweed entering

I Bonar Textiles |

A Major Name I

1 1 in the Tayside I

industrial Textiles I

Industry I

Garments, however, only have
to pay a 22 per cent duty and
so Scottish manufacturers have
been sending their cloth to
Hons Koog and having it made

nated by a small number of
names such as MacDonald,
Stuart and Campbell.

All the weavers turn out a ;
range of tartans but the market
is dominated by Ma car Chur of

up there for onward shipment Hamilton which is running its
to American markets. production lines around the

clock and shipping its goods
. around the world.

UuSet Tartans — kilts, scarves, blan-

PreLiminary indications are kets — probably account for
that there was some decline in about 10 per cent of Scottish ,
sales to Germany last year woven output There is also a j

Offset

though this may have been off-
set by better trading in Japan
and the Nordic countries.

In volume terms, the woven

large output of tartans abroad,
especially in the Far East.

Tartan production is subject
to a cycle lasting about four or

fefe VISIT
LONDON’S FA&H17X,
BRITAIN’S INTERNATIONAL
APPAREL FABRICS EXHIBITION *^

cloth sector produced 14.4m sq five years. Production was good
m of doth in 1980, a rise on in 19S0 and probably came off
the 13.85m in 1979 hut some- the lop last year and is expected
what down on the peak year of to drop a little more this year.

1977 when output reached
15.S5m sq m.

Despite this drop over the

although anyone standing on the
Scott memorial in Edinburgh’s
Princes Street and watching rhe

Borer Tw/fe; Lid

PO Box 13 63/73 King Street. Dundee DD1 9BG
Tefephore: 0382 24111 Tetec 76122
A Low a Bonar Company

three years output per man has Passers-by might find this diffi-
increased considerable as new 00 “ accept

machinery and lower" manning Apart tram tartans, many of
levels have been introduced, the manufacturers have man-
There was a drop of 1,150 ?*** 10 <?° ! hl ^5h strong
workers in this period to 7.300 ° rar I<* *«‘*cfanieot. This is par- j
hut at the same time assets per Ocularly true of Crombie which, j

employee have gone up from v ?. th 50 “ e 500 employees sup-

£5.280 to £8.600.

The one item of doth that is

plies up-market products,
especially its famous overcoat.

roost associated w^ai ScoUand is! ™

biggest woven cloth mill in Scot-
land and 90 per cent of its pro-
duct goes into overcoats which,
largely, carry a Crombie label.
The company, which is part of
the Illingworth Morris group. .
has moved recently into cloth
for scarves, rugs, tweed suits. .
sports jackets and women’s j
clothes and it has been helped :
by the fact that the Far East
has nor entered this hiah quality
end of the market and many
European producers have
pulled out.

Cashmere, one of its main
additions to lambswool, is ex-
tremely dear yet Crombie finds
it easier to sell a pure cash-
mere cloth than one which is a
50:50 mixture. The next biggest
seller is 90 per cent lambswool
in per cent cashmere. In each
case the buyer is paying more
for a product which is' better
than the general run of cloth
on the market
It is this quality product
which has done so much to
ensure ihe success of the Scot-
tish industry and one which the
weavers intend to continue.

Anthony Moreton

■ ” ipsssswssi at*

? : - -■■■

- ’

-.V - .? I • ^

31 MARCH-2 APRI
OLYMPIA LONIX

The fist taste of Spring, 350
Spring 1983. The colours, textures and de

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Manchester M13EH
Tel: 061 238 2312
Tlx: 687307 G

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Financial Times Tuesday* January 26 1982 /!

— - ■ » f | - 1 • -g)

MANAGEMENT : Small Business

EDITED BY CHRISTOPHER LORENZ 0

Proposals to the Chancellor
include start-ups changes

TREVOR BARKER is an en-
thusiastic supporter of the
principle of the Government’s
Business Start-up Scheme. But

uusmess start-up scheme. But
he is convinced that changes

Tim Dickson lists the budget demands of tite main lobbyists

PATRICK 3ENKIN, the
Secretary of State for Indus-
try, and John MacGregor, the
Small Firms Minister, will fay
now have finalised their pro-
posals to put to Thursday’s
special Cabinet meeting on
the Budget Following its
innovations in the past couple
of years it seems certain that
the Government will once
again wish to demonstrate its
commitment to the future ^of
this important sector with
measures which win also add
some extra glitter to the
overall Budget paefcage.

Suggestions on what should
go into the Chancellor’s
famous Budget box have
come from a wide variety of
small business interests. All,
of course, are agreed that the
burden of taxation on small
firms should be significantly
reduced. But there are a
large number erf separate pro-
posals. which in some cases
overlap and in others
conflict.

Given the independence
and diversity of the small
business sector it would
perhaps be disingenuous to
expect total unanimity. More
co-ordination, however,
would make life easier for
legislators while criticisms
like Stan Mendham’s might
as a result not be necessary.

“ We feel very strongly that
have bee ntoo broad brush,"
says Mendham, who is chief
executive of the Cheshire-
based Forum of Private
Business.

The Forum, which last week
published a survey indicating
that small businesses last
year may have made no im-
pact on unemployment, has
not yet finalised its detailed
Budget proposals. It will
include what will doubtless
prove controversial plans for
an amnesty in the black
economy. Incentives to en-
courage more employees in
large companies to set up
their own firms, and specific
measures to help “static”
companies change product or
move location.

...5

,,,******•■
••••

ated rates thereafter should
lead up to 52 per cent
Small Workshop Scheme.
This allows investors in small
Industrial buildings to claim
100 per cent capital allow-
ances in the first year. At the
moment, however, this con-
cession is restricted to build-
ings which have a specific
industrial use. The AIB and
UIC both argue that this
should be extended to all
commercial buildings. The
CBI is also understood to be
keen on this Idea.

Generation

Sir Geoffrey Howe; will he
provide some extra glitter ?

Ambitious

The Confederation of
British Industry, chief among
industry lobbyists, bas also
yet to produce its formal sub-
mission, though others such
as the Association of Inde-
pendent Businesses (AIB),
the Union of Independent
Companies (UIC) and the
Institute of Directors have
each published detailed sug-
gestions.

Here then is a list of the
sort of “small business”
issues — besides such obvious
ones as Income and capital
taxes generally — which
lobbyists ase hoping will be
given a good airing in the
Budget

Business Start-up Scheme.
Introduced a few months ago,
this gives individual investors
relief at their top marginal
rate of Income tax on invest-
ments in a start-up to the
value of £10,000 a year for the

three years the scheme will
operate. The UIC is keen that
relief should be extended to
working directors and em-
ployees (up to £1,000 or a
maximum of 5 per cent of
the company's equity per
employee). Belief should be
given to outside investors in
respect of more than 50 per
cent of the share capital. The
AIB, meanwhile, is even more
ambitious — relief should be
extended to investors in all
UK unquoted shares, not just
“start-ups," it feels.

The CBI is also likely to
repeat last year’s demand for
Small Firms Investment Com-
panies (SFICs). Unlike funds,
such as Electra, set up under
the Business Start Up
Scheme, SFICs— first mooted
by Sir Harold Wilson's com-
mittee on the working of City
Institutions — would be limited
companies open to institu-
tional as well as private
shareholders (with some tax
advantages for the institutions
as well). The CBI feels they
would be more attractive to
individuals and, being market-
able, would provide the in-
vestor with a better oppor-
tunity to realise his stake over
the longer term.

Loan Guarantee Scheme.
Under this the Government
provides a guarantee of up to
80 per cent of a bank loan
in return for a 3 per cent
premium. The UIC feels that
the present limit of £75,000
should be extended to
£250.000 (£500,000 in special
employment and export situa-
tions), the premium paid to
the Government should he
reduced from 3 to 2 per cent,
or lower, and the banks
should be stopped from charg-
ing as much as 2$ per cent
over base rate on the guaran-
teed portion of the loan.

Corporation Tax. At the
moment the small companies
rate is 40 per cent om profits
np to £80,000. This is clawed
back, however, by higher
marginal rates between
£80,000 and £200,000. The
loD feels this clawback should
be removed and all profits
over £80,000 should be taxed
at a main rate of 50 per cent
The UIC calls for the reten-
tion of the 40 per cent even
when the first £80.000 tranche
has been exceeded and gradu-

Tax relief for loan interest
This is not exclusively a small
business issue but it is thought
it will be a front runner in
the Budget and could greatly
help small firms. Put forward
by the Conservative study
group headed by Michael
Grylls, head of the Tory
parly’s small business unit
the idea is that medium to
long term loan interest pay-
able on funds for defined in-
dustrial projects should be
paid by the borrower after
deduction of an amount equal
to corporation tax. The
deducted amount would be
made np by the Government
which would get its money
bach by not allowing the
borrower to offset interest
payments against tax.

Capital Transfer Tax. A lot
has been achieved In this re-
spect for small businesses in
recent years but further con-
cessions are being sought The
UIC considers it “impera tive**
that full deferment of CTT
should be given on gifts of
shares in exempt trading com-
panies to the next generation
of owner/managers wholly
employed in the business. To
avoid some of the present dis-
tortions the UIC also feels
that all business reliefs should
be abolished mid a straight-
forward 50 per cent redu ction
applied in the rate of CTT
applicable to transfers of gifts
or business property. The IoD
is going for further overall
reductions in the tax “with-
out doing so by special fav-
ours" to tiie business com-
munity.

Other proposals indude a
suggestion that the first
£5.000 of self-employed
income should be exempt
from tax in the early years
of a new business (IoD). more
effective taxing of short-term
capita] gains and “ fringe
benefits” (UIC), and an
increase-in the limit of £1,000
which can be allocated to an
employee in any one year
under an approved profit-
sharing scheme (also UIC).

Finally, large companies
appear to have persuaded
ministers that they should be
rewarded for helping small
firms through the 50 enter-
prise trusts that have sprung
up around the country in the
past few years. Tax conces-
sions on contributions to the
trusts, canvassed by big
business a year ago, are now
expected to be included in the
Budget.

In brief

PETER D ABELL, the recently
retired chief executive of
CoSIRA (Council for Small
Industries in Rural Areas)
has been appointed part-time
business adviser to the
London Chamber of Com-
merce. Dabeli, who ran
CoSIRA from 1974 until April
last year, will be looking in
particular at the small busi-
ness services of the London
Chamber, where three-
quarters of the members
employ less than 50 people.

THE GOVERNMENTS loan
guarantee scheme is helping
to launch a new publication
aimed at throwing light on
the technological develop-
ments of all major sectors of
the economy.

Called Technology Week,
the journal will he absorbing
launch costs of around
£100.000. part of which has
been raised through the loan
scheme. Technology Week,
which will make its debut
next month, is the brainchild

of Nicholas Leonard, who is
putting up all the funds not
covered by the guarantee. A
former editor of the Irish
Times, Leonard is now a
director of two Irish com-
panies, Fltzwilton and
Independent Newspapers, as
well -as Atlantic Resources.

Leonard Is also founder of
Business and Finance, an
Irish financial weekly, and a
moving force behind two
small London-based computer
businesses.

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axe needed if it is to attract
the kind of money he feels is
available to be invested.

The scheme — introduced in
■Bxe 1981 Finance Act— allows
individuals investing: in start-up
investments foil relief at top
m ar gin al rate of income tax of
up to £ 10,000 a year for the
three years the scheme will
operate.

For much of the past six
months Barker has spent his
time raising badly needed
capital for Peterlee Wallpaper,
a fledgling venture of which he
is chairman. It is a task which
he recently completed when
four individual investors — an
elderly widow, a local business-
man, a stockbroker and a
retired director of Id— agreed
to put op £25,000 between them.

Reliefs available under the
Business Start-up Scheme,
Banker stresses, provided a
crucial incentive for Peteriee’s
new backers. He also points
out, though, that the deal
cooM have been settled with
much less fuss and much more
quickly if certain legislative
hurdles had not been placed in
the way.

“The Business Start - up
Scheme is a very good idea,”
he says, “but once it got into
the hands of the Parliamentary
draughtsmen it became in parts
almost unint elligible. There is
a lot of money floating around
which could be attracted to new
companies with this sort of
incentive but the scheme will
have to be opened up and some
of the barriers removed."

The story of how Peterlee
Wallpaper came to need new
capital goes back to August
1980 when Berger Jenson
and Nicholson decided to close
down Arthur Johnson (Paper),
a wallpaper manufacturing
subsidiary with sites at Peterlee
and Gwseley.

After unsuccessfully oppos-
ing the proposed closure— the
Peterlee workforce even pro-
duced a report entitled “An
Alternative Strategy" — the em-
ployees of both factories were
determined to go it alone.
Guiseley achieved unwanted
national notoriety as an ill

‘I knew the Business
Start-up Scheme would be
helpful in this situation . . .
but it will have to be
opened up and some of the
barriers removed’

■

• ; * . " ‘ i

-»w >*

/**£#*. \

Trevor Barker: wants to get tax
relief if lie invests in his company,
Peterlee Wallpaper

MUta Afrott ,

fated co-operative but the
Peterlee workers took a separ-
ate and so far more rewarding
course.

The primary theme of their
alternative strategy was that
wallpaper manufacturing should
be rationalised on one site,
marketing strategy should be
reappraised and manning should
he drastically reduced. Thirty?
five of the 106 employees at the
Peterlee site responded init-
ially to the idea of taking over
their own business. After three
meetings the number had fallen
to 25 and from this total 16
were eventually selected by a
committee.

At this point a decision was
taken to set up a limited
liability company, not a co-
operative. Those involved
realised the need for practical
decision making and the im-
portance of attracting outside
skills, particularly in the field
of design, selling and market-
ing. In November 1980 Tony
Garrett, a man with consider-
able experience in the wall
coverings industry, was
appointed managing director.

The 16 ex-Arthur Johnson
employees showed their commit-
ment by putting up their

redundancy cash (varying from
between £1,000 and £5,000 per
head) for an equity stake and
following negotiations with
Berger this money was used to
buy the old plant and nwchfawt,
raw materials, stock and office
equipment from the former
parent (A “knock down”
price of around £32,000 was
agreed.)

Further help seemed to be
at hand when . two major
customers of Arthur Johnson —
wholesalers in the Midlands and
North East— offered to put up
£12,500 each for a 10 per cent
stake in the equity. Plant and
equipment was sold to the
Industrial and Commercial
Finance Corporation (ICFC)
and leasechback (thereby realis-
ing an Immediate capital, profit)
and with a Regional Develop-
ment Grant and working
capital provided by Barclays
Bank, trading began in April
of last year.

Almost Hnmedaaftely disaster
struck. Both wholesalers ran
inti) •ftTUTirtail Hiffieirtries and
withdrew their funds leaving
the new company with 20 per
cent of its share unissued.

Barker, who had been brought

in as chafranan-oEL JCFCTs suggest
. toon, was the man : with foe>o$>
of iHhfo • A Sarmer

accounitaatt, he turned '-to f busi-
ness in the 1060s and buildup
a 'travel company wfcoch lie sefid
out to-. JKUennams ih 1976.;. To-
day he spends most -.of fife time
Chairing the Ftodlay 'Hardware
Group, of Glasgow and > John

- Crowther Group of Huddersfield

where he has bought 'a- major-
stake. •-

“ I kb ew of the Business Start-;
up Scheme because ft had been
amramoed sn - Use-.- Budgett”

. Barker recalls, “and it suddenly
clicked that it would be helpful
in tills sttfcuattiaa.”

His first move was to buy.
shares in Peterfee -on has own.
account - but as paid dhagman
of the company he was awaretie
ooiild not set off the investanemt
against Ids own tax MIL “The
other employees are an the same,
boat wfctifib I fotok.fe ridteulous..
This is a major handicap in get-
ting people interested.”

After that Peterlee .

would qualify — it was less than-;
five years oW and dearly was,
not excluded by foe legfatattafa.

— At seemed safe to proceed. Ait
tins stage, however, foe. oooapEr

cations began.' . .. J t

••• -One- major, potiat-vSticb, tor*. ,
,ricd Barker was- .foe defiafitfeu .
of -Qie'worii 1 ^associate”. The
legWtaflkni' mokes dear thri
neither me' mivestar “nor an
-associate” {esdoc&ng bro&era
and sisters) may.be an ent- i
pftoyee, partner orpaM director
. of foe (justifying .. company or <
any of its snbskfiaries.

“One of my codagcto re co
“mmttfcer- company; was keen to
pariaspate tout- hie must be 'get-
■fog dose!. -to. Mag. an .

'associate ' of mine- and 1 am off

oOurse a pard director.

, :Vkafoetmnccei wiiat rixmt
' aiteiMnxifeeas? Tfee Stock Ex- -
change has broadened foe word
“associate” to -mem anyone
: who ; has eweii dSscreSfictK to
' someone ' else to act on .foeSr '
hebeit : . My.' ; stoifitorotoer
happens' to be - empowered to do

- thfe-.'so'does'foto mean font he •
or indeed Ms dkarfs would not
be -aiblte .to datun. refitef on an
ihves&m^to.ppteilee?” ■

* Another problem Barker fore-
sees. is what happens if" the
company is taken over. Shares
"have to fcfihl' for five years
-to obtain : full relief .* but' if ,
Peteriee fe bought by somebody
efeeaftetisay, three years, some :
of the tax advantage may be ’
clawed' back. 'Tt may be? .that ‘
invest6rs w21 be sitting oh a i
njce cajrital gain but foe, .five . .
:yearj rule does inbiSHt any : re-
stTuetxutng^ of foe company’s
. capital. Tins could be restrictive.. j
if ‘it is growing quickly." .

The uisqualifiratlonr of over-
. seas investors, he sajv isafeo l
“^ drawback” and the effective''*
ban on shareholder perks
. (“Why can’t a good shareholder, )

- for example, buy wallpaper at

cost price .without jeopardising . -
his tax relief 7 ) -la ^-another ,
“Irritant.”- . •• -s. V

Barker .also feefe ffiat an \
individual investor .should ' be )
allowed ,to riafen - .iriiri in .
respect of mote titant -SB- -per )
cent of. the capital - and that - 1
overall relief should' be avsfil- -
able for more than 50 per cent
of . the; equity, wMcJt fellfce
current limit. - '-k- .?•.

... “ Small businesses Ifefr Peter-
lee cannot offer big : safeties in
the early days,” he sagjs*J* 3 !b& >
'only way that more people like >
me are going to be attracted
is if foe scheme is made Jess •
restrictive."

Williams & GJyn’s is smaller than the other four main High Street
banks, and this offers distinct advantages-particulariy to people
running small to medium-sized businesses.

In the first place, because we have more managers per customer,
we reckon to spend more management time with each customer.

And in the second place, what the manager has to offer during .
that time is much more valuable -because, like our customers.

‘Herr's one good tip if you Ye putting up aeasejfbra loan, ’ l

SAYS BILL WAGSTAFE . ' ■ !

‘Oniy too often a sound case for a Id&iis ddayed or :
loses out altogether purely because it hasten ’ . -v

inadequately prepared. Always makeaucyou give a
manager all the infonftatioii he-needs. Ax^fi acronym ...
is RADAR, R for Reason - why you needtheinoney.

A for the Amount-make sure itWreaSstKassessmeiit.

D for Duration -don’t

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26 1982

REMOVE THE BURDEN
OF CORPORATION TAX

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. For fufi dttAik^Vfhhoat, objfgaeiofl. just write your name on a
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. - a. ’ ftoaB*ihft»»t»ctor{Dept FCft)

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. ' (Wofegnc notetppfnme enquiries can b a accepted)

$OOD NEWS

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Companies with pre-tax profits ir> excess of £20,000
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Tel: 07596 402 - Telex: 57875

ACQUISITIONS REQUIRED

Service industries, DretHbudon 4hduEtnas^mmimum-siia £10m
Maximum -size £lQ0m ;

Principals only a nleajtgents retained by vendor

- Write Box F2&1+ Financial Times . .

LEASING

DIGEST

Jtizfinance

Journal

Both of thaea' publications' ere 'known worldwide, and free -sample
copies -are available. The 1982 World Lesshtg Yearbook- 1* cow on ssla
— detail ad reference on 37 countries In 304 pages. Send for brochure.
OUR CURRENT CONFEHLNCES — send for brochures: - . '

Company cam: Costs and controls: February 25 at the Piccadilly Hotel,
London Wi. - ^

European Equipment (easing:. March 22/23 at the Grosvanar House

. Hotel, London WT. • , .

Aircraft Financing Methods: April 26/2? at the Plata Hotel. New York.
All From: Hawkins Publishers Ltd. 2 Church St,

Coggeshall, Essex COS TTO, England. Tel: (0376) 82 262 ,

European Agents Required

Small company {member large international shipping group)
with successful agency agreement in West Gennany, seeks to
appoint , agents to market and sell its item of industrial plant
to the mining, waste disposal and construction industries in
the following countries:

Finland, Sweden, Norway, Denmark, Netherlands, Belgium.
Italy, Austria, Switzerland, Eire, Spain, Portugal.

Write Baa F12S72, Financial Times ./

10, Caiman Street, EC4P 4BY

JQUIPATED

30 ROSEW OOD
. EXECUTIVE DESKS
‘ FROM £395JW
50 EXECUTIVE DESKS
- FROM £125.00
L SECTION DESKS
100 FILING CABINETS
WOODEN OR METAL
v 3 ROSEWOOD
BOARDROOM TABLES
ALL AT UNDER
HALF PRICE
ALSO IBM G OLFB ALL
TYPEWRITERS
RANK XEROX COPIERS 6
OLYMPIA CALCULATORS

Phone: 01-549 9339

Your Office in
London

SoperB. Mayfair Location

( off Curxon Street)
Personalised lalhphone. relax and
mall service £28.93 par month or to
include occasional usa of pmrate
. office. £67 pet month. Secretarial
facilities, commercial support, ate.
•II availabfa. .

For detail* telephone:

Lloyd Adams, 01-493 1 332

SPECIALIST

WHOLESALE/BOOKSELLER
with substantial profit near 4
FOR SALE
Turnover reaching
approximately £700,000
Write Baa F2870. Financial Timas
n> Cannon Street, EC4P 48Y

WANTED

Trading Company

Either Retail or Wholesale .
■Substantial sums available .

. .. Reply. to: - '

Mr H. Bloch '

1 HH (court. 34 HTghgata Hill Vtast
- London. m

. U.S.A. dress .

mannfactgfcf

MOST PRESTIGIOUS
AMERICAN DRESS
MANUFACTURER
SEEKS TO GRANT
LICENCE TO
REPRODUCE
OUR DRESSES

Contact:

Mr Donald Leavy
David Warren Enterprises, Inc.

- 498 Seventh. Avenue .

■ New York, NY 700)8, USA

FABRICATION. & ROLLING
CAPACITY- FOR SALE

A medium-sized, . wall known
engineering and - design company,
supplying pro caw plant to the
Chemical industries; -haa top quality
fabrication and . rolling capacity
available for tha North sea Od ana
similarly, related Industries.

The Company has carried out a
number of major sub- contract fabri-
cation contracts and' wishaa to
secure an . ongoing bass load for
this facHity. either on a contract,
joint venture or other basis.

Location: Fife. Scotland.

Interested parties should reph r,ln
the first instance to Box F28SB
Financial Timas
10 Cannon Street. EC4P 48Y

WANTED— POSTER
PRINTING COMPANY
Large Format Litho
Reasonable access to Central
London. Part or total purchase con-
sidered. Profitability immaterial.
Strictest confidence will .be
observed. . • .

Please write to the Chairman
Bos F2BSB. Financial Timas
10 Cannon Street. ECAP 4BY

Major British Industrial Group

Wish to acquire a
LLOYD'S INSURANCE BROKER

Must have good established
balanced general portfolio ql mainly
commercial accounts. Outright pur-
chase preferred but majority partici-
pation would be considered.
principals ontyjapty fh c onKdenee

to Box G7B28. F/nancwITimos
10 Cannon Street. EC4P 4 BY

CHIEF EXECUTIVES

and

FINANCE DIRECTORS

YEAR-END TAX PROBLEMS?

Use the unique Conquest “ aviation package ” where
full corporation tax write-off can be achieved
together with significant revenue return and the
bonus of cost-saving executive mobility.

Conquest offer toe most comprehensive service
available to toe prospective or actual user of business
aircraft.

Consult the specialists in purchase, sale, leasing and
management.

CONQUEST AIRCRAFT COMPANY

44 THE GROVE, ILKLEY LS29 9EE
Tel: 0943 602705 Telex: 51162

ENGINEERING COMPANY

NORTH MIDLANDS NEAR TO Ml
T&QOO sq ft Modem Factory well equipped to undertake
Materials Handling, Structural Steelwork and Special Fabrications
Skilled labour force. Technical Staff and Management.

The owners in their desire to keep the labour force together, would
welcome discussions on any viable proposals including:

a) Undertaking work at recession rates

b) Joint venture with development of new products

c) Sale of Company as going concern

Write Box F2829, Financial Times
10 Cannon Street, EC4P 4BY

Cash "Voucher

This cash voucher
entitles your company
loan immediate

75% CASH
AGAINST
INVOICES

Cutved ro approval

Cash flow prob!ems?Then cash this!

Need cash now? You've gotit right there onyour books!

We will give you 75% cash againstyour invoices- mDneyyou can
put to work today.' You get the 25% balance, less our charges, when
your cuslomerpays. And the customer remains to tally unaware
of the arrang emenL Post this voucher now withy out and

address, or phone us.

Confidential Invoice Discounting limited

Sovereign House, Queens Road, Brighton BN1 3WZ
Telephone: Brighton (0273) 21211 Telex: 87382

FINANCE FOR
GROWTH

Factoring provides no-strings
finance beyond conventional Alex-Lawrie
' borrowing limits. Factors limited

LOW TAX AREAS

Pro! ass Ion a I Advisers are retained to dispose ol a number of unused
tax favourable Company Registrations for various offshore locslities
including the Channel Islands. The Isis of Man. Cayman Islands.
Liberia and Hong Kong. the majority of theta providing e zero tax
home (or tredlng/in vestment funds. Beck up corporate sacvices ere
available in most cases.

Please reply In confidence to;

Langtry Trustees Limited
P.0. Box 124. Langtry House, 40, La Motts Street.

St. Halier. Jersey. Channel Islands.

Telephone (0534) 73921. Telex 4192059 fides G.

GULFSTREAM II
WITH FACTORY
WARRANTY

SERIAL NUMBER 26

5700hours on airframe. 1100
hours on engines since mid-life
Inspection. Low profile Collins
avionics. Globa) Omega and
INS. dual HF. AH mandatory
ASC and CB items complied
with; 4000 cycle maintenance
completed, including thrust
reverser overhaul. Updated
to 62.500 lbs. gross weight.
45,000 ft. cruise altitude. 12-
passenger interior in excellent
condition. Purchase price in-
cludes 90-day factory war-
ranty. crew training, one year
-Computerized Maintenance -
Program, exterior repainted
to buyers specifications. Im-
mediate avail aB Sty. For com-
plete details, call Jack Norton,
Director. Used Aircraft Sales,
Gutfstream American Corpora-
tion, SavannaluGeoigia 31 402.

' (912) 964-3233. - '

Tatec 804705.

m

Commodity
Analysis
Limited

COMMODITY
BROKERS
Specialists in
Commodity and Currency
Discretionary Accounts
Minimum account size
£25,000
Contact •

Mark King or Jeremy Metcalfe
Commodity Analysis limited
37/39 St Andrews Hill
London EC4
Tel: 01-236 5211

Gutfstream American

44 ADVERTISING THROUGH
RACEHORSES”

An advertising budget of between
£11.000 end £19.000 per yasr for
two years' could profitably be
invested in a racehorse, u the
horse was successful, the residual
value of the horse could be
immense (eg. that ol Maorestyle
was £2m). .£ven if only moderate,
bloodstock prices have still risen
by 50 per cent in the last twelve
months. There ere good horses
available now.

Enquiries to:

Malcolm Q- Rennie.

Chartered Accountant
Bedford Lodge. B\iry Road
Newmarket

1

100% TAX
ALLOWANCES

(FA. 1980)

available to individuals
or corporations
on purchase of
Freehold Industrial Units
2,500 sq. ft. each
’Wolverhampton £75,000

13/14 Queen SU London, WI

01-499 4293

STOCKTAKE

How much Is missing this year?
The problems of internal hisses will
continue ro plague most businesses
in the ‘803, in epha of increased
application of ever more sophisti-
cs tad technology. Lodge Service
with branches throughout Britain
and over BO years experience Is
able to help in the reduction and
central of stock iocs of retailers
end manufacturers, thereby increas-
ing their profits. Consultation
carries no obligation. Write:

Lodge Service, 53 St James's St.

London SW1A 1LB

SCHOOL FEES

YOUR BUSINESS COULD HELP
IF YOU ACT BEFORE APRIL
With corporation and personal tex
reliefs and up to 6 years' rebates,
substantial funds can accumulate
tax free then be borrowed on
generous terms.

For lull details contact: •
Richard Donaldson
Cleveland Huth & Co Ltd
47 Piccadilly. London W1V 8 AH
Tel: 01-434 1318

BE REPRESENTED
In the world’s major marketplace
HOUSTON AND THE
US. GULF COAST
Sales. Market Research. Venture
Finance. Initial meetings in the UK.
Please reply Mr Bert Tot hill
H.O.ME.. Box F2B65
Financial Times
10 Cannon Street. EC4P 4BY

MAIL ORDER Mbits Ulna I bookselling bud-
n«u wanted by similar compuy. qetaila
to: H. K. Lewis Host** Allen Payee
Stone, 35, Red Uon Square. London
WC1R45F.

WI MUtSTICE OFFICES Btax back-up.

offered » Person able » «*

perry pnwositlons. Wrrtt Be« FJB69.
Financial Times. 10 Cannon Street.
EC4P 4BY.

JAPAN. Partner «n Tokyo willing to
undertake trade enquiries ud unties,
40 * *°“-

finance beyond conventional A lex. Lawrie

borrowing limits. Factors limited

For details contact: London (01 ) 626 0484

Bristol (QZ72) 291 3S8 Coventry (0203) 56653 Manchester (D6I) 8M7415
Newcastle (0632) 325879 Edinburgh (031)2264599 Banbrny (0295)56041

OFFSHORE PLATFORMS

We advise a large Continental yard, and could similarly advise
and introduce to 'business source, major concerns involved, or
wishing to be involved, in large (e.g. 2-6 500 tonnes) construction
projects, or volume supply of material, plant, services.

HEI LTD.

OFF5HORE MARAKETING & ENGINEERING CONSULTANTS
42 Upper Richmond Road West, London SW14 8DD.

Tel: 01-876 0102. Telex: 943763 G.

C££ WHY OIVE IT/UAIW? ^EE KEEP IT HU THE BUSIMESS.-

vis 100% capital allowance on a container fleet managed by profeswonak for
guaranteed Sigh income plus a bonus of an li- mftaBonary growl h phis a currency hedge.
Call on us before your year-end tax guillotine for an effective solution and discover why
successful firmsuse LCL, ibeConlainer Investment Specialists. Get fhe facts without
the frills NOW from Ian Landless, Managing Director

fjjfgra LANDLESS CONTAINERS LIMITED

'frWi Dept. F.1 1 . Freepost. Camber lev. Surrey GUIS UR.

Tlx: 8SB997 Tel: (02761 66201 1 (£4 hrs)

OFFICE FURNITURE

40% OFF LIST PRICE
EX STOCK

Executive and operational ranges
in rosewoods, walnut, light oak
and other finishes
Complete office furniture
brochures available on request:

STUDIO LiNEA
(OFFICE FURNITURE) LTD.

London 01-805 2566
Birmingham 021-784 8944

GLOBEWIDE

is still In a postuon io arrange:
up to £5.000,000 lor
1. Corporate Finance
2- Equity Finance

3. Term Loans

4. Foreign Currency Advances

5. Finance for Property
Development and Investment

Residential mongages:

Minimum C50.000
Principals only should write ro:
Tel: 01-727 6474 - Taisx: 8953620
GLOBEWIDE FINANCE LIMITED
T11A Westboums Grove
London W2 4UW or

LIMITED COMPANIES

FORMED BY EXPERTS
FOR £85 INCLUSIVE
COMPANY SEARCHES
READY MADE FOR £95

EXPRESS CO REGISTRATIONS LTD.
Epwonh House
25-35 City Road, London. EC1
01-628 5434/5. 7381, 9936

GOLD BULLION
KRUGERRANDS
BOUGHT AND SOLD IN STRICTEST
CONFIDENCE

FROM ONE COIN UPWARDS
free advice available
Please phone:

Mr Cavendish or Mr Woods
0244 24315/378585
Shaw Cavendish 8 Co
Bullion Dealers)
Cavendish House, Chester

ENGINEERING

OPPORTUNITY

We are quality machine manufac-
turers soaking new opportunities.
II your products ere moving faster
than your production or you require
a competitive alternative manufac-
turer. a liason could be mutually
beneficial.

Write Box F2SS7. Financial Times,
10 Cannon Street. EC4P 4 BY.

International Management
Company seeks *
PARTNER FOR
JOINT VENTURE '

In provision of worldwide
consultancy services for
petroleum exploration,
iperatjons & oilfield development
Write Box F2BBB. Financial Times
10 Cannon Street. EC4P 4BY

BUILDING OR CIVIL
ENGINEERING COMPANY
REQUIRED

Major public company seeks to
extend its activities by acquiring
an established contracting and/or
house building company in the
Home Counties South or South
East. Substantial funds available.
We era only prepared to deal with
principals on a strictly confidential
basis.

Write Box G7652. Financial Times
10 Cannon Street. EC4P * BY

SMALL PRIVATE COMPANY eperatfna
Retail Jewellery business I" Ch«»;
reoulrea private Investment Of £75.000
la retain tar controlling luces bl . write
Bax F.28E2. Financial Tunes, to. Cannon
SWrt.^a5p *BY.

MtlCI ANALYSIS: World's meet ad*Ked
earnout w concept w efe .corporate

Interest. Pboem*. Hotel St. Jama. 40
rue da U Concorde, 1050 flrusseU,

TAX SHELTER

■ for corporate and private
investors' 100% I BAs now
available in prime Southern
locations with rental guarantees
. Finance available
TAYLOR CRISPIN & CO. LTD.
15 South Mofton Street
London WHY IDE
Tel: 01-629 9891 - Telex: 888970

SOUTH LONDON

Protected Storage Available

25.000 sq. ft. protected storage
available tor short or long term
lease. Facilities lor handling large
and heavy items. Office /Telephone/
Tales Services on site.

Write Bex F28S0. Financial Times.
10 Cannon Street. EC*P 4BY.

OWNER OF FREEHOLD
COMMERCIAL INVESTMENT
PROPERTY

interested in selling to ■ progres-
sive public company for KIty per
cent cash with balance in equity.
Replies from Principals only to: Box
F286I. Financial Times, 10 Cannon
Suaet. E C4P 4 BY.

OFF. THE PEG and Tailor Made limited
companies incorporated isle ol Man.
UK. and world wide. Qualified taxation,
legal and banking advisers. Extensive
management facilities and after-sales
service- VUXnrie Registrars Limited,
Ballabroole House. Reel Road. Douglas.
Isle of Man. Tel eg hone- 0024 ZMSS.
Telex 627952 LUPOLE a
VENTURE CAPITAL REPORT, 2 The Mall.
Bristol, The link between Investment
funds and small businesses. Investors
and entrepreneurs ring (02721 737222.

EQUIPMENT LEASING at »*rv eon»-
pcdtlv* rates. Bellahleld 01-977 *840.

OFFICE OR HOTEL
CARPET

Manufacturer has available large
quantity ol heavy contract Wilton
carpet surplus to contract tor
immediate delivery. The consign-
ment is in a choice ot colours, is
all perfect quality goods and suit-
able lor offices, hotels, or any other
public building. The carpet is avail-
able in lots ol not less then 500 sq
yds end ie offered at 40*A leas than
normal trade list at from E8.48 par
sq yd net delivered UK.

For samples and further data Us

please write to Box F2833.
Financial Times.

10 Cannon Street. EC4P 4BY .

FINANCIAL ADVICE
EQUITY PARTICIPAT1DH

We are a financial subsidiary of
a public company and we are
seeking minority interests in
small well run companies based
within 100 miles of London.
We would expect to appoinca
director to the Board primarily
concerned with the financial
affairs of the company.

If you are interested, please
write to T. H. Bames at
3 Wimpole Street, London. WI

WHY LEASE YOUR
NEXT CAR?

You out buy on our
Purchase Plan

• 10% initial raniaf

• 48 months repayment

• No VAT on rentals
9 Ultimate ownership

FERRYWISE FINANCING 8 LEASING
Tat. Eahar (0372) 62487/66780

INVESTMENT OPPORTUNITIES

READERS ARE RECOMMENDED TO TAKE APPROPRIATE
PROFESSIONAL ADVICE BEFORE ENTERING INTO COMMITMENTS

PROPERTY

COMPANY

Invites financial / management
participation in developing 100
bedroom three star beach hotel
in a tourist resort of a fisc
developing Far Eastern island.
Investment and' prpfic
Repatriation Guaranteed
Wrire Box * FIB J6. Financial Times.
10 Cannon Street. EC4P 4BY.

FARTHER REQUIRED

to take active role to expand
small Engineering Company in
South East Kent. Own product
range. Nationally known
with good reputacion.

Write JBox F2B62. Financial Times.
10 Cannon Street. EC4P 4BY .

FINANCIAL

FUTURES

Corporate backer wanted to finance
establishment of ' Futures ‘ market-
ing end sales force. Equity pertici-
parion in exchange for substantial
favourable funding.

Write Box F2S54.

10 Cannon Street. EC4P 4BY.

•IMPORT/EXPQRT

FINANCIHB

•INVOICE DISCOUNTING

Letters ol Credit opened
Back to Back UCa
Domestic Invoices Discoumau
Contact George Raphael at:
FORBES CAMPBELL (FINANCE) LTD
9 Artillery Lana. London Bl TIP
Tel : 01-377 8484

LEISURE

INVESTMENT

£150.000 Equity/ Loan capital
required on First Charge for West
Country Squash and Leisure Centra.
Planning permission to expand to
become regional coaching and
tournament centre.

Write Box F28S5, Financial Timer,
10 Cannon Street. EC4P 4BY.

LEISURE CAMPING
COMPANY

requires substantial capital for
exciting developments abroad.
Good returns and possible
participation

Writ* Box F2863. Fmencial Times.
10 Cannon Sir eat. EC4P 4BY.

HOLIDAY TOUR OPERATOR

Manchester Area

Requires pereonfeomeary wnh csoltef
to take up equity In order to uUit
expansion In the French Holiday
Market. 1981 turnover £650.000 with
substantial Profit- Would consider
Involvement with Retail Travel Agency
or other Tour Operator wishing to
expand. Principals only write Bax
F.2S51 . Financial Times. 10, Cannon
Street EC4P *BY.

I.B.A.s

Wanted

Industrial Units
under 2,500 sq. ft.

Principals only mite to:
Box T.560I Financial Times
10 Cannon Street, EC4P 4BY

INTERNATIONAL

METALWORKERS

FEDERATION

The International Metalworkers Federation, the Gevena-bised
co-ordinating body for unions In the iron, steel, auto, aerospace,
shipbuilding, electrical and electronic industries is making available
for public sale its special reports produced m 1981 These reports,
limited in availability, are published in English, German, French,
Spanish and Swedish. The IMF unites 170 unions m 70 countries
throughout the non-communist world.

ur, „# Swiss

CaofiL Pages Francs

□ IMF Bulletin - on Occupational Health and Safety (4 10

n IteffiMSt's Report « 25th IMF Wortd “g g>

□ The Affiliates* Report to 25th IMF World Congress 188 50

□ Resolutions and Statements for 25th IMF World

_ Congress . _ . .... .... ui.hj 9& 20

§ World Economic Review lor 25th IMF World Congress
Jobs in Hard Times by Professor Robert Lekechman
Picture History of the IMF
□ Report ol First IMF Mission to Poland .

□ Report of Second IMF Mission to Poland
n The Struggle for Human and Trade Union Right*
n Philips Latin America

□ Social end Economic Conditions in the Asian Eiacincw

Engineering Industry . . , - , 1 ,.

□ The Steel Industry in Asia and Its Position in the

□ llie'Aslan Shipbuilding Industry in the Centaxt ef thd
Worldwide Situation ... . . .

Q Social and Economic Conditions of the Wofid mow
V ideo Electronics Industry

□ The Purchasing Power ol Working Time, an Inter-
national Comparison

§ GM and Its Workers

Metalworkers and New Technology .

Woman’s Employment and Trade Union Membership
In the Metal Industry

209 50

9& 20

22 20
40 30

70 40

12 10
50 40

103 40

48 60

128 50

39 40

n Woman's Employment ana iraoo union —

In the Metal Industry

English French German Spanish Swedish
Please indicate which language is desired.

Make cheques or bankers’ drafts to:

International Metalworkers Federation
54b is, route des Acacias, 1227 Geneva, Switzerland

Organisation — — —

Address - : *

IMF* President: Eugen Loderer: General Secretary: Herman Rebhan
54bis. route des Acacias. 1227 Geneva, Switzerland

SCOTTISH HIGHLAND HOTELS
THE PROFESSIONAL APPROACH TO HOTEL MANAGEMENT

Scottish Highland Hotels With over savsnty years ol successful hotri
management is looking for hotels of quality and character to menaBo ln
the UK. Our service oner* a complete takeover ol management end control
and include* centralised buying facilities and extremely effective UK er.d
worldwide marketing and promotional capabilities.

Please write for our colour liiaralute providing details of your property to:
Brian Simmers, Director, Scottish Highland Hotel!

98 West George Street. Glasgow G2 1PW

AMERICAN DISTRIBUTOR
WISHES TO EXPORT AND
IMPORT ESTABLISHED
FRAGRANCE UNB

Contact:

Shadow Facts International
158 W. 27 St.. N.Y.. N Y. 10001
Tel: 212 242-0520
Tele*: 220969 SHAOO

£1 A WEEK FOR EC2 ADDRESS combined
with phony messages and teloc under £4
- a week. Prestige offices near Stock Ex-
change. Message Minders International.
01-628 0898. Telex 8811725.

ATTENTION ALL FIRST TIME
COMPUTER USERS AND
EXISTING SMALL
SY5TB15 USERS

HAVING PROBLEMS COMING TO A
DECISION 7

OUTGROWN YOUR PRESENT
SYSTEM 7

Why not call the experts 7 Main-
crofx Computer Services Ltd., we
are one of the loramost brokers ot
used IBM. ICL and DEC equipment,
as well as being a major deeler for
the new sharp MZ-80B personal
computer.

Our comprehensive knowledge and
marketing power enable us to give
the right system at the right price
— -whatever your needs. So before
making your decision cell:
Ntelncnrft Computer Services Ltd.
01-720 9621 ASK FOR RON MASON

I.B.A.S

EIGHT NEW
2/175 SQ FT BUILDINGS

Built to very high specification
Superb Location

WARRINGTON

CHESHIRE

FOR SALE FREEHOLD NOW

Morbaine Properties Limited
52 Mount Pleasent.
Liverpool, L3 SUN.

COMMODITY BROKERS
LEASE OF CITY OFFICES
FOR SALE, EC1
1. Reuters Screens
2. 2 Telex
3. )0 Lines

Write Box F2969. Financial Times.
10 Cannon Street, EC4P 48Y.

PUBLIC RELATIONS
You supply the products and
Deeaon Public Relations will provide
the enquiries. Based in Kent and
London. Dee sons are an established
consultancy with 22 years’ experi-
ence ol industrial and commercial
accounts. Over tha years they have
proved thie Public Relations is an
effective marketing tool.

For further information :

Tel: lane Sword on 079 582 5468

EXPANDING OVERSEAS? Distributors.
|omt ventures, merger*. International
service. High tech, specialists. Stephen-
son Assoc.. P.O. Box 115, Amcrsham.
Bucks. Tet 02*03 4538.

MANAOEMENT

CONSULTANTS

A London based consultancy in-
vites independent management
consultants with an established
clientele to whom they are pro-
viding marketing, financial or
production service* to write for
particulars of a plan of collabora-
tion designed to boost their fee
income by a natural extension of
their range of activities with
minimum investment of time.
Write Box F28 S3. Financial Times.

10 Cannon Street. EC4P 4 BY.

BUSINESS

ECONOMICS

Experienced, independent business
economists cen assess the impact
of tha economy on your business
and provide forecasts of your
markets, prices and rew materials.
Hie Society ol Business Econo-
mists' Free-lance Register contains
information on qualifications, avail-
ability and lees ol some thirty inde-
pendent economists with a range
of experience covering most indus-
tries end countries. The Register
costs £5 per annum, including
regular updates: available from the
S.B.E.,

11 Bay Tree Walk. Watford. Herts.

SELF-MOTIVATED CHIEF
EXECUTIVE REQUIRED
for newly commenced operanon
manufacturing domestic Heat
Pumps and commercial Heat
Recovery systems. Equity stake
available fteB with possibility of
purchasing more. Location North
Eest Midlands.

Write Box F2SS7. Financial Times.
10 Cannon Street. EC4P 4BY.

SIGNIFICANT STAKE REQUIRED In a
small cwotM tomeanv. The ultimate
objective will be to inject insurance
and broking activities' Into the company.
Write Box F.28G4- Financial Timas. 10.
Cannon Street. EC4P 4BY.

CAR CONVERSION COMPANY has tar
sale new product, complete with Jigs,
patterns, etc., with excellet long-term
potential. Total manufacturing rights,
etc. £50 000. Write Bex F2817.
Financial Times, 10. Cannon Str«t.
EC4P 4BY,

MANAGEMENT COURSES

A comprehensive
course in Managing
Personnel and Industrial
Relations

offers participants the opportunity to widen their knowledge of
managing employee relations and to acquire the techniques and
Stall necessary for success in the personnel field.

This essentially practical programme is aimed primarily
at those who are moving into personnel management for the first
time. However it also provides a refreshing stimulus to more
experienced personnel managers. Participants will gain an.

- ~ — ” t-vukiiuu in m iv aiuiu UJ.

negotiating, influencing and counselling. Above all the
programme aims to grant participants an insight into modem
personnel practice and to help them develop ideas about the
policies and techniques applicable in their own organisation.

Dates; 9 May to 28 May 1982; 3 Octoberto 22 October 3982-
We shaU sendyou further details about this programme as soon as
' • werecen'exour completed coupon or telephone call.

Cranjvld School of Management -Bedford 102341 751122.

■ -

■ CranfieW School of Management, vKy SctlOOl Of ■

I Cranfield. Swiford MD43 0 KL. 'M‘anarw>TTMaTTf' ■

Tet (0234) 751 122. Telex: 8265S9. IVianageinfinL ■

Please send me funhn , mfbnnalioat3illafla^ijgPeiWfiiKl& Industrial Relations.

■ Name I

I Job Title ■

Company I

I Address — I

\ Tel. No. ReL iVo.CS 136 J

TRADE WITH GREECE

LIQUIDATING YOUR

EQUITY PORTFOLIO?

• We are the largest Department Store in Athens, Greece,
located at the very center of Athens. Our turnover
exceeds 2 billion drachmas a year.

• We sell more than 60.000 articles from all over the
world.

If you see equities as having title or no upside, opportunity
but considerable downside risk you will be seriously
considering positive action to decrease your exposure, if
you have not done so already.

• We seek to import any article from any country,
suitable for retail sale.

THE BEST ALTERNATIVE

• We are interested in receiving samples, photos, or
descriptions, with pricelists.

• Payment to be effected by drafts (credit) in your
country's currency or U.S.A. dollars.

Please address your Inquiries to Mr. G. DESSYLAS,
Merchandising Director, MINION DEPARTMENT
STORES S.A.

13, Patission str., Athens - Greece.

(For Bank References, write to National Bank of Greece,
Metropolis - Athens)

We are currently adviring our clients to switch to a
RISK-FREE solution which will produce a

GUARANTEED Si%-10% net p*.

(regardless of your tax rate)

A CAPITAL GAIN OPPORTUNITY

If you have funds of £75,000 upwards currently, -or
potentially available, please WRITE for details.

Managing Director. Dept FEB
ACKRXLL, CARR & PARTNERS LIMITED
Tricorn House, Hagley Road, Birmingham B16 8TP -
(We regret no telephone enquiries can be accepted)

MINION

CENTRAL ELECTRICITY
GENERATING BOARD

The largest Department Store of- Greece.

MANAGEMENT

ENGINEERING

CONSULTANCY

Small International Consult-
ancy with first-class reputa-
tion and excellent track
record. Suit large Interna-
tional group needing its own
management services unit or
consulting firm wishing to
broaden its base.

Capable of a wide-range of
services, with special ex-
pertise in manufacturing,
utilities, engineering and
maintenance. Also offers
special experience in office
operations and has own com-
puter section. The company
serves clients in several
countries and has its own
proprietary techniques, com-
puterised in most cases.
Partial acquisition would be
considered, hut outright sale
preferred (circa £350,000).
Location of subsidiary gives
attractive tax advantages.

Writ*? Bar G.7S83
Financial Times

10 Cannon Street
EC4P 4BY

Earapt'i Niki Mi tolerant lonol
Motor Sporting Complex Offers

EXECUTIVE SUITES

ior season-long hire

□onuiqlan qilni ihe bigoml nuns d
lnl*:tuiioiul motor cm. motor tyclo ami
Karl IixIuivj in 1982 Hun u, olbor
European circuit.

The uniac arailook the main inn linith
auaiqhi. can accomodate over 20 people,
and are all served with lira! clan

' catena*} service

Lease includes 15 mas tickets, various
option, o! niue available with rental

unqinq Iroerf 1.500 to
12.500 per annum

Domnqlon is nmaled clow lo Derby,
NoHinqham and Leicester 4 miles lion
the Ml Uuoctxm 24] and next door to
East Midlands Airport.

/pr.- nrcwnl !nr i lemnc •na lyrtnrf
oWcii'r. r'on.'a- f

H. N. Fee mall, Maruquq Director,
Domnqlon Park Racing Lid.

Gulls Danmqtm. Darby DE7 2HP
Tel. Derby (0332) 81 004? Teles. 377793

PROPERTY DEVELOPMENT
COMPANY
FOR SALE

MANAGEMENT .

CONSULTANCY SERVICE

company with major client/aquify-
holdar who wi6hes to reduce its
exposure Services currently pro-
vided include monthly management
accounts, trading and cash-how
[precasting, and a lull range of
accountancy services- Prospective
equity holders could expect pro-
fessional accountants to design (in
house) il necessary, own reporting
procedures.

Currently trading with available
TAX LOSSES OF £70.000
Apply, indicating possible offer
price for losses.

Write Box F.2B77. Financial Timet
10 Cannon Sfreef. EC4P 4BY

Tel: 01-235 0011

SOUTH-WESTERN REGION
HAVE FOR SALE THE FOLLOWING
. CONDENSER TUBES

Diameter:

Length:

Quantity:

1" OD x 18 SWG
60* 6i"

S,597

1-25" OD x 18 SWG
60* 6J"

786

Boxed, with approximately 108. Tubes per box
Located Didcot, Berks
Contact: H. J. Davits

CEGB, Bridgewater Road, Bed minster Down
Bristol BS 13 SAN - Tel: 0272 648659

OUR FAST FOOD
REQUIRES A

DRIVER

THE COOKIE COACH COMPANY
was originated in New York and
subsequently acquired by an Aus-
tralia n corporation. The launch
in Sydney, Australia, has takan the
Aussios by storm.

Now lor the UK and Germany. THE
COOKIE COACH COMPANY requires
2 master licensees to develop our
franchise network ol mobile cookie
sales with our unique recipes and
distinctive delivery sales vans.
Adequate capital end management
capacity will be needed to

capitaliae on this proven successful
enterprise.

Suitably qualified principals should
contact:

THE COOKIE COACH
COMPANY,

FRANCHISE CONCEPTS LIMITED
118, High Street Sevenoaks
Kent TN3 1UZ
Telephone: 01-228 4743

Have a Cookie Good Day!

FOR SALE

Medium-sized company in
Manchester area engaged in
haulage and warehousing on
large freehold site, available
as going concern. 50% of
vehicles on contract work.

For further details write
Box F.2875, Financial Times
10 .Cannon Street, EC4P 4BY

COMPUTERISATION
Thinking of computers ?

Completely independent advice
from expart consultants could easily
save you much disruption -and
thousands ol pounds, bur clients
range from a live-outlet retail chain
to the world's largest chemical
company.

TALK TO

COGENT Systems Limited

S1/S3 Finchley Road
London NW3 6LS. 01-794 0179, or
Painawlck 813807 (Gloucestershire)

WELL ESTABLISHED COMPANY

undertaking specialist ser-

NORTH AMERICAN EXECUTIVE JKJW j
resident in UK wishes to meet parties ,
willi an Interest In accounting or the i

camoutir industry. Write Sax F.2B74.
Fliunelfl Times. 10. Cannon Street.

. EC4P 4BY.

IF YOU ARE a one-man band lor could
move out of your present aqeacyl.
have accounts and cash ready to buy
out ' up to 50% stake in blue-chin
creative consultancy, -you could lump
rloht Into a golden opportunity. No

higgler! or time-wasters. All genuine
replies answered. Write Box F.2378.
Financial Times, 10. Cannon Street.
ECAP 48V.

vices to the construction
industry. Turnover exceeds
£1 million per annum. Seeks
financial partner or involve-
ment with larger group in
order to promote expansion.

Write Box F-2573
Financial Times
10, Cannon Street
EC4P 4BY

CHALLENGE

BUSINESS GRADUATE WITH
OWN SUCCESSFUL BUSINESS
SEEKS CHALLENGE OF
NEW ACTIVITIES

Experienced in Finance, marketing
and acquisitions in engineering,
financial services, printing and
textiles.

Writ* Box FJ2B16. Financial Times
10 Cannon Street. EC4P 4BY

DEVELOPMENT CAPITAL

Companies requiring development
capital of £290,000 upwards ara
invited lo contact:

J. M. Haveloch -Jonas, D. C. Rice
VENTURE CAPITAL
(BUSINESS START UP) SERVICES

13. Oxford Circus Avanuc

231, Oxford Street. London, W.1
Tel: 01-439 7833/4
24 hours: 01-879 5593

INVESTMENT MANAGEMENT company
seeks new clients, partner with clients
or wtahlno to enter tins type of
business. Write Box F.2734. Financial
Times, 10. .Cannon Street. London.
EC4p ear.

■OAT HIRE BASE in South of France
jocks Investment [n now boats to
Ub “ 2094 nett
return olu.s free use. Details from
BataJier-du-MIdl. cto Evesham Marina.
Evesham. Wares. (03S61 48906.

BUSINESSES FOR SALE

Australian

EXPORT

ABATTOIRS

SALE BY TENDER

INDUSTRIAL

WET PAINTING PLANT

Anderson Meat Industries Limited offers for serf* by tenclar lh*
Meatworks located at STiepparton, Victoria and Roma,
Queensland.

SHEPPARTON

Export Establishment No. 141
(Facilities for Islamic Slaughter)

Plant - Modern freehold premises located at Sheppartan In the Goufbum
Vofley, 180 tons, north of Melbourne, kteotty located adjacent fo xattstdng
and municipal sales yards.

Killing Capacity -One on-rail beef chain hanefflna 400 head per day.
- Two mutton chains handling 5.800 head per day. mare are adequate
boning and chitling lacNRtes tot an chains.

ROMA

Export Establishment No. 535

Plant- Modem freehold properly.' tuny integrated abattoir, constructed In
1957 and substantially upgraded In 1977. Located 3 kms. from Roma.
Southern Queensland adjacent lo roltsldfng and local sales yards. -

Killing Capacity- One on-rall beef chain handling an average of 450
head per day wtln adequate boning and ehllNng faallttes to sendee such

for further information, tender specifications and Inspections p/ease
contact j^J^ne'f/n temational 812) 2 0S49. Telex AA20413.

Ail fenders wil7 be considered, not necessarily the highest or any tender
may be accepted. •

TENDERS CLOSE 26th February 1982 and should be addressed:

"TENDER FOR PURCHASE OF ABATTOIR”

Anderson Meat Industries Limited,
33/60 Margaret Street

SYDNEY. N.S.W. 2000, AUSTRALIA.

All leu than two years old, situated in expanding industrial
area on South Coast. Coriveyorised plant, 40 ft stoving
oven, three wash booths, five stage zinc phosphate pre-
treatment plant, approved weir water purification, also
electro-static equipment. Central control console. Off line
box ovens. Tailored leasehold factory unit on new estate.
Good customer list.

P

Phone: A. J. Arthur

Peat, Marwick, Mitchell & Co.

Tel: Southampton (0703) 31465

Beat, Marwick, Mitchell &Ca

RHYL

PROMENADE MONORAIL SYSTEM

Completed and in working order further Phase II to be
constructed. Monorail Cars, Passenger Stations, additional
equipment, spares etc
Further details:

Edward 5ymmons & Partners

(incorporation Kenyons)

>15/516 Royal Exchange, Mariettas tar M2 7EN
faf: 061-832 8494

Businesses /or Sale fry Receivers

TRAVEL AGENCY SPORTS SHOP

Both businesses are located in London's West End
and are for sale separately.

For further details contact t he Receivers

P. W. G. DuBuisson or B. A. F. Burn
■Binder Hamlyn, S St Bride Street, London EC4A 4DA
Telephone: 01-353 3020

Financial Times Tuesday- January 28-1982

FT SURVEYS SHOW RESULTS

A programme of forthcoming surveys for 1982 is available
on a monthly basis to existing and potential advertisers.

If you would like to receive a regular copy, please return
the coupon.

To: CUve Radford U.K, Advertisement Manager

Financial Times, 10 Cannon Street, London EC4P4BY
Please send meyourprogramme offorthcoming surveys on amoiithly basis :
NAME ■- : —

COMPANY.

ADDRESS

i .

Industry in which company is involved:.

BUSINESSES WANTED

FOR SALE

RADLEY FASHION GROUP
LIMITED

Offers invited by the Receivers for the business on a
going-concern basis including trademarks and order book.
Reply to: 1

Thomson McLintock & Co.

70, Finsbury Pavement, EC2
Ref. SSJ

OUR CLIENT, A LEADING.
PLANT HERE CX)MPANY|

u interested in aegtdring a r
Scaff oldm^/BiuIding/AIlied Trade G«|pa
established in North or West Londpi^^i.
with a turnover in the region of

ADHESIVES

ADHESIVE MANUFACTURER FOR SALE
PROFITS £500,000 PER ANNUM

Write Box G.7647, Financial Times
10, Cannon Street, EC4P 4BY

FOR SALE

H. SUTCLIFFE (NEWCASTLE) LIMITED

Glove Manufacturers

An old established glove manufacturing company — a major supplier
to Marks & Spencer Limited. Turnover approximately £1 million.
Profits over the last three years vary between £48.000 and £92.000
Good loral management and workforce

Apply:

LANE HEYWOOD DAVIS & GEE
47 Queen Anne Street, London, WI

Details in writing please from prindp&iai
' Managing Director .
SHAPCREST LIMITED - '

2

PACKAGING BUSINESS

A substantial company in the packaging industry^-acfcSvely seeldng
to acquire a business in the same or allied fields \
Interested parties should in the first instance write ih,confidenceto

David Halpera, Halpem and Woolf, Chartered Accountants
24/27 Thayer Street, London W1M5LJ '

ACQUISITIONS FOR CASH

We are a large private investment company'j^eking '
to enlarge our asset base by acquiring fo£ cash,
companies with substantial fixed -assets. .r.

_ - rj- , Kmdlv write in confidence to:

Box G.7S87, Financial Times, 10, Camum Street, EC4P 4BY -

BUSINESS REQUIRED

* ucc «»«*vl Midlands baaed company wake to expand
Si Ji Sulci' ^L«5? r - ac 4 u, 51 t,on ; . Am pi a cash reiourcas -era- a variable.

PROPERTY

INVESTMENT

USA

Various invBBlmanis in ski rasoct
development In Vermont. Olhar
- ooportun itlos in the United - States
.including hotels. farms, shopping
'centra, businesses S lc -

Mrtchell Land Management
7 Lower Baxter Street,
Bury St. Edmunds.
Suffolk TP33 1ET.

Tel: (0284) 703495

EUROPRINT LTD

EUROPRINT (Sales) LTD

These prestigious Non
Trading Companies
For Sale • -

Offers to: Sevtone Ltd

Ddforwyn Hall
Abermule
Powys

PROFITABLE ZOO FOR SALE

Due to retirement our clients wish to dispose of their zoo which is
situated some 90 miles from London in e 25 acre beauty spot. The zoo,
which is highly profitable, has been privately owned since its establish-
ment in 1963 and has e full and varied collection of animals, birds
ind reptiles.

The site is beautifully landscaped and contains a mansion, takes,
meadows and the remains of an old church.

For further information please contact?

Armitege & Norton

Prudential House. Topping Street. Blackpool, Lancs FY1 3DF
. Telephone; Blackpool (0253) 23883

MOTOR REPAIR

BUSINESS

Franchise motor repair business
situated in West London aroa.
Approx. 1.500 so. ft. with Fully
spraying licence. 7 years remaining
on renewable lease.

5 years trading records available
with currant t/o £300,000 and natt
profits ol £35.000.

Scope lor further expansion -end
particularly suitable as workshop
support lor existing or new Iran*
chi go showroom in area.

Offers In excess of £100.000 Invited
as going concern plus a.a.v.

Write Bex G7S48, Financial Times,
10 Cannon Street, EC4P 48Y.

HOTELS AND
LICENSED PREMISES

FOR SALE CHANNEL ISLANDS

PRIVATE LTD GO

Holding freehold of valuable town
centre property, at present operat-
ing In the leisure field.. With or
with'out vafiarit possession. For
details ploase _ aisply_ . * n -

instance Ij^-floE GT^ Fmancia!
Times, 10 Cannon Street, EC4P 48 » .

PLANT HIRE
DEPOT FOR SALE

_. GOING CONCERN
BARKING, ESSEX

_ Park-Stantoru fra fit Ltd-,

9 Thames Road; BerfciriH. Essex
01-594 3844

FOR SALE

South of England Heavy
Engineering Manufacturing
facility for disposal
Other forms of company

association considered

FOR SALE. Goins concern Drop Foree-
Fr-MboU Industrial premises Willonhall,
West Mid lands. 1.36 acras. 46 t 60E
m ft. Easy to M.6. Modem

office accommodation. Write Bov
G.7635. Financial Tima, 10 . Cannon
Street. EC4P 4BY.

Write Box G7S48. Financial Times.
10 Cannon Street. ECAP 4SY.

PROPERTY COMPANY with tax louci tor
sale. Write Box G.7B22. Financial
Times, 10, Cannon street. EC4P 48Y.

mail order

SPORTS GOODS

The business is primarily with own*
label products sold ofl-tha-pagg.
Many prospects for rapid expension
to Pam. Ideal for bolt-on. Highly
profitable yielding over 40 per cent
contribution with low o/h. For sal*
at I'i x net profit plua stock.

Write Box G7631. Financial Times
10 Cannon Street. ECAP 4BY

MOTEL

FOR

SALE

SALE PRICE:
£650,000

84-room Motel for sale
with restaurant and
conference facilities. -
Ideal situation. To help
with any mortgage
problem financial
assistance can be given.

Please ring:
Leicester 881541

MAGAZINE

PUBLISHERS

Privet* ■ publishing

"i ,h fund* , to Invett is
swim no to Durehaea eumtuni... —

— -L Tr-* inveet is
3 to purehots compenlss; or
«*««■- in'- the technical,
dctenufle or ptefeeaionat areas of
magezme publishing. In addition -w
capual wa have sound management
ind group rasourtM to offer.
WHnBox.FiBBB, Financial Times]
10 Cannon Street, £C4P 4BY. ■

PRIVATE PROPERTY j
’ COMPANIES OR f-*:
INVESTMENT PROPERT|ES -

.above Jip to
■ maximum consideration. per Trane--

Mrin-SStert”-

rateM and commercial. prepaity. bur
'"4urrrlal property constdarsd ' In
exceptional oircumetenoee..

Apply-M. K. McConvffia
T«|;

‘WANTED 1

INDUSTRY

■ Atiy M«iUteCCuring.CqmpBiiy-
hzving £1 million sales volume .
with goodproficjgoocdVfriuii ...
150 triijesof London

MS

Vlfrire Box G784B, PhOodalT/Mas,
10 Cannon Street. EC4P-4BY. - ■

17

26 1982

THE ARTS

^SSSrid: concerts

When i3feVBeaiar ; 4rts Trio
visit London, 'there fe ; usually
nothing, more Wi^orC than the
keenest pleasure: ■; and. last:Sun«

. day afternoon -at the 1 Wigmore
HaH was' no eszeptioxL This
time there was also the intimacy
of the place to deepen that
pleasure— end to reveal dose
aiyi dear aU ft®- tiny inflections
of ihythnvdyhamic and phrase
which' are the heart of chamber
musKMuaktog, but -;, so often
swamped by '"the 'acoustic - of
larger haHs.-'- -••' ■■'■

It was not/ truth to tdl, for
Beaux Aits fans an entirely
vintage appearance: hut there
was enough of the Trio’s best
In the concert that that should
matter very tit tie at all; and
even their second best can be
stirring. The first half was all-
Beethoven: the tiny, sparkling
B flat major trio in -a single
movement (WoQ 39) composed
for the daughter nf a friend in
1812; and lhe E flat op. 70 no. 2,

' gentle sister to the " Ghost,"
with its cKray/higMying finale.
Once or twice there were some
uncomfo rta ble afterhoonish
blurs in the performance: but
much more important were the
many stebifine and unlikely con*
junctions — the. result- of liber-
ties. perfectly gauged, of the
kind winch can - only be taken,
without risk of the performance
falling apart, by an ensemble

that has played : together for

nearly 30 years.

For their finale they gave
Chaikovsky’s trio (op. 50 in A
mmor) that great and still
absurdly neglected peak .of the
repertory which (perhaps
because of the extreme tech*
nicai difficulty of the piano
part)- surfaces in our concert
hflTlg only once or twice a year.

. the Beaux Arts caught and
lifted up the first movement's
endless outpouring of melody
With marvellous buoyancy and
heart It was a heart that in the
parages of darkest melancholy
moved a shade closer to
schmaltz • than to true Russian
zhol , and at its most indulgent
led some of the detail of the
music - ■- -.uncharacteristically-
astray-^m tie firstnnovement; a
few of , Menahem Pnessler’s
piano rhythms were, .so; ecceri;_
trio as almost- to reverse the
sense of "the- line (and only a-
tempo- ^ptrarfor-rn'-the fourttr
vaxiation of the second move-
ment really produces the right
magical music-box effect). But
that was essentially toy lfce way:
and the way- itself- was strong,
and warm, and granch-fired
with a spirit,^ mid an xmreient-
Ing energy, that 'carried all
bef oireitfrom tie-first page' to
the last- — ;

: : wflwic <s kL

~*5ie Labeqoe asters most be :
every concert promoter's
dream. lively and attractive'
on stage,, with a .penchant far
music with similar gtitler and ■
appeal, they promise to bring
a new glamour to the tw® piano
repertory. In the last year their
reputation in ' Britain has bur- .
geoned, with televfcibn appear-
ances and. best-selling discs,
predictably ■ then, their recital
in the Elizabeth Ball on Sunday
afternoon was- weB attended,
and equally predictably it con-
tains a ■'fair measure of items
that were bright and ingratiate
ing.

Their only mistake was: to
begin with music that is Jar,
from ingratiating, and demands
snore than mere panache to
bring off. Debussy’s Bn bkmc
et noir is an elusive master-
piece :. in the most capable
hands, and the Labeques never
suggested a . profound under-
stmwflKrig; fasbaomng some deli-
cate,- half-pedalled textures
here and there, but pulMng
themes around unmercifully
(whep, in ..doubt insert n
sforzando seems to. be their

■ overriding motto).

Thereafter the programme
was on surer ground. An ex-
pansi oa of the Three loanees
f rom. Petrushka from , the
virtuoso two-hands original to
Crar hands deprived’ the pieces
of some of their bravura ten-
sion, but provided the sisters
with a useful display vehicle;
only occasionally did the open-
ing “Danse Russe” betray some
flaw in technique. Ten of
Brahms' Hungarian Dances
(ending, inevitably, with the
last In E manor) and Ger-
shwin’s Rhapsody in Blue (in
the c omposer’s own reduction)
completed the programme.
M u ch winsome charm pnd
tioselly tone, but as for musical
weight, thin and insubstantial.

ANDREW CLEMENTS

Charles Farncaznbe brought
bis Handel Opera Chorus to the
South Bank on Saturday with
a strong quartet of soloists and
the Handed Opera Orchestra.
Ever yone was safely at home
with Handel, whose Anthem on
the Peace of 1749 and "Dettin-
gen” Te Deum of 1743 were
heard. The Anthem looked
more unfamiliar than it
sounded, for it proved to share
much of its music with The
Messiah. The counter-tenor
Charles Brett began the
Anthem elegantly, joined for
the “duet ” by a pair of unison
choristers; later Gillian Sullivan
— new to me — displayed her
fresh, true soprano in an aria
with chorus, urged along by Mr
Farncombe rather too briskly
to leave comfortable breathing-
space.

Farn combe likes bright tempi
and a crisp stride, which suited
the Te Deum well. It was fur-
ther enlivened by three excel-
lently bright trumpets, and
enriched by Ian Caddy's authori-
tative bass solos. A suitable
note of gravity was struck with
“When Thou hadst overcome
the sharpness of death," and
the trio of male soloists (com-
pleted by Martyn Hill) took the
chorus “Thou slttest at the
right hand of God” to lovely
effect The - Handel- Opera
Society standard was well up-
held.

" -Those confident "performances
flanked two of Rameau's .Latin
-motets,- in which similar, entim-
sbsra and care were spoiled
vainly to a search for the right
idiom. Mr Caddy was the sfdrv
ling exception — he has. of
course, ornamented, the English
Bach Festival’s Rameau revivals

— and " in both' motets' ■ Ms
rhetorical flair and power were
.greatly welcome. ...

- The rest limped;*- except 4n
the most rijnare-ca* music.

DAVH>MUR«AY

: This is, it seems,’ something
of a John Casken .-month: Flre-
tthtrlon South-Bark- ?t the Inst
LOGS. Musk of Etahf Decades
concert, the new String Quart? •
scheduled next week at St
John’s, and, on Snrday, the
premiere at - the Manchester
Free Trade HaH of the ncr
Piano Concerto (broadcast later
the same evening). The ex-
posure is fully deserved: with
each new work. Casken declares
himself ever more certate’y a
compositional voice of distinct
and whoHy . uncommon
character, with not just “ some-
thing to say " but the art to say
it fastidiously and excitingly.

“An elegant, grateful con-
certo" was Andrew Clements^
prediction : in the January
Musical Times Casken survey
It is fulfilled. In nine linked
movements of thoughtful plan
and iDtellVjfibie unfolding, tbp
music is vfought with a most
taking blend of care and
energy. ■ The Introchwtioii. set
off in a series of crucial
flourishes, appears to function
somewhat in . the manner of a
French Overture (lurching

chordal figures) and Toccata ;
(pianistic disclosures of fast- !
flurrying figuration) siundtane-
ousjy. The “ French Overture " ,
and “ Toccata " material re- ,
'appear In the two successive
movements, closely and drama-
tically developed; then, at the ;
middle point of the 25-minute
span, the music lurches to still-
ness, and aleatory phrase - 1
insertions (pomtfully applied
Crinn- Caskente Polish training)
begin to alter the focus. Here- ,
•after, the anisic winds up again
to a “ Scherzo and Festive
Dance” of brilliantly Proko-
fiev! an stampedes; the final two
movements are an encapsula-
tion and a farewell, with two
Tlppett-Iike solo vfotins furling ,
the piano out to silence,

.The linkage and confronta-
tion of a virtuosic yet attrac- ;
tlvely elusive solo part and its
orchestral ensemble Is expertly
made, unleashing, in addition ,
to the chains and swirls of
notes that are evidently a
Casken trademark. spiky,
rebaifcative cross-currents — at 1
times, from the grunts and
stutters of brass, one might
almost be in the Bite of Spring I
undergrowth. The tone is not i
lyrical, yet a dreamy, rhapsodic
expressivity seems to hover 1
over the slow music; at this I
point, the work reveals its ;
profile for clearest view. Even
in' a stereo broadcast, it was
difficult to appreciate to the
full an orchestral layout into
two complete groups — an
additional, reason for hoping
that there wiH be a live London
showing of tins striking con-
certo before too long. -

John McCabe, a composer
bamsdf, and a pianist who
(with Jane Manni-g) has given
committed accounts of Casken's
song cycle ?a Ornna, Gauoutn,
was in co-Me-t comnn-d; by
the BBC r'n-tberr Symphony
under Bryden Thomson, not
every rhythmic pattern w?s
sharply incised, but the drift
of .the music was most ably
communicated.

MAX LOPPEfcT

It- Is so nice being a success-
ful pop star that when ambi-
tious young musicians come to
a road block they are quite pre-
pared to try another directi cr"
en route for a fortune. Geoff
Deane and D^vid Jr»ymes ve*d j
to head a brtd called te?
Leyton Bnmrrds '’rtich pro-
duced a single I li’:ed n ’o'
“Saturday nisht bere-te te*-
plastic palm trees"'. b ,- t e”-
a reflrem?.-t to the Butt.'’**
failed to mike much of a com-
mercial impact

At the week erd Deane -rrt
Jaymes were at the Ven-'' !-
quite a fresh guise. Then- ^ •

-i- : r’.c .. .. r J ln-r- jwr

Deaheis to' 7 .’ feillad
and. looki-r *vry m *■

Ronald Crtm te? :*■
Modem Rive-?. ? ■

successful British s r > .?

Salsa music is P--er*o Rica rV
New York but Mrder" Renr-
plays a refined British versh-
which makes it vaguely L? ,! r. ■
rather ’ than aggressively His-
panic. I enjoyed the ic:
tremendously.

It might not have the s ; r"-a
and strident brass bi-s of -rre
salsa and the rhythn s r '~
Ihe -decorous ride b-» De‘'-c .
and Jaymes have come up with ;
some very catchy melodies and I
the nine strong band play with |
infectious style. It was silly j
and slightly nostalgic — Modern >
Romance shonld be popular at !
May Balls and deb dar.ces — j
but as they played on through ,
rapping solos to the jolly “ Ay
ay ay ay mosey." you verre
quite tempted to start s cauga
and lead it all the W3y do».T to ;
Butlins. Modem Ramnnce axe .
fan and, with tighter nn:sidan-
riaip, could be famous,
infectious style.

ANTONY TT-IOnNCROFT

lifej v vi ^

n « • * w ;« J

Covent Garden

■ , - : S\r.V

m? $

Details from “Allegro Strep itoso 1

Royal Academy

Carel Weight

by ROY STRONG

One of the cheering aspects
nf the Royal Academy these
days is that from time to time
bouquets are presented where
they are long overdue. Such is
*hc financ'd press’ re on our
institutions that it takes a
i' *» c i nerve no; constantly
.u pi ay 7o the gallery. The
hommaQe to Carel Weight is one
such instance. Here is an
a^ s st who has given enormous
pleasure to many over the
decades and who has been the
backbone of the Academy which
must exist surely, if for nothing
else, to support its own.

There is a becoming lack of
pretension to this exhibition.
The earlier' items are small
pe-t-plf? rn nauel. Uncle Percy,
p"'n*ed in '933, is already a

i- ; ors>” ?'cfir.plished work

- ?v>n'* !, n'> pe>nt, which
‘1 'he ’ okness of a Sargent

• ’e La-l<\ At a stroke he

• ■'£ so nnsfly have gone in

no. already
*’-p -r-par he had em-

V:l- 4 ?^*n hi' 1 o” n strange
vrerld in a picture entitled
■Ti '- '-o Strepitoso.

a ra^ny
I -»*e ; “*** «n

• : ■ •• :0

r-s-'ei?.- h ^

c> .'-v. .- ’ r:cid in r ”'~' end

“p— .. -■ *i i* TiK off riirht. an

eiri»r-r heed fo- rn arch

li’"*“?ries while giraffes
p?-’- d’’.* T n s :?muFe*f. What the
a*i ,n o' m er : f s*:ppo£ y ?d to
of it I am riot sure. Proh«Mv

.. ... v *.. r h „. th o ^

to encapsrlete

»n v -’i r, ity of intent. There is
a torch of Stanley Spencer but
we are- in a very different
fantasy world, whose activity
centres on horrific chases, a
theme that continues into the
19705, but there is also some-
thing vaguely funny about it
however catastrophic. We are
ia the world too of neo-romantic
whimsy which was stiH going
strong in lhe Festival of Britain
ani io which H’’gh Cssson is
sveh a monument.

Tf -ivs ] - f> r . "s

sea Medusa (1974> is exactly
■vri , *f it v’ s. r. ’ r .'a-:'r: girl her
hands e&ssp’ng her sroulders

in a frenzy as her eyes start
forwards as though she were
looking at her own reflection
realising, for the first time,
(hat her hair was a tissue of
snakes. She, like the umbrella
lady, is fleeing. And with this
we touch on something else —
the painter's use of classic myth.
Medusa finds herself on a street
corner in Battersea. More sur-
prising is the death of Lucretia
at the bottom of a narrow strip
of garden behind any Victorian
house.

Even more odd are Fyramufi
and Thidbe standing at the side
of what lodes like a Capability
Brown landscape lake and
bridge but he is dressed like
a hussar with a vast hat and
f ragged tunic and she in dra-
p . : r5 and bared breast. Ever
stranger is the fact that they
are painted as apparitions
sunerimoosed on to this beauti-
fully painted landscape. Aad
wi*h this we are on to another
recurri '7 theme, ghosts. Those
in‘e rested in phyrical research
trai?* find htm ihe most con-
of artists. His werk is
rv , te peppered with vhists

c--?- Fhseli’s. In' The
r-:V -• i silver- fi.T’te

■ r <-•*' V pavement r f a

... . . 0-&i*'?TV pRfi*>t?

.. -I -tinp on 0 n-»r ?ip S

e- — a bic j, r l 'e. In T V "'rr
CW) the season a<DT»ears
• -!? 1 '* ; nv ? migbra sevthe sr e Q *>
his w?y throu^j a dnH
sir^urhan street. In Up*
-Jro'hsr'? Ghost (I960' we are

Vif»- -rr^—’or? Mjjjj JjflHflo.'l
-o’ "^vicVjiu f>f t^oiia

.. f->-von T P from two
r • e-'rij other.

The same emotion seizes us
with Departing Angel (1961 ) in
which a woman sits on her
pau-jd patio surrounded by her
poteed nlants. while a (ms-
P'-PTit bevt femaie figure in a
Ion? skirt flits off to the left. In
Thwroftts of Girlhood (19SS)
the subject matter is virtually
repeated. The snirit world Is a
permnnent obsession with
V'eteht Vit nT rw rion

nf ?he r h,, 'w’! B ♦'•kes us no
further as tn vdiy.

A? a n.?’ 7 *' — of

con-se k- 3 *s po“- than
a sa 1 :;*? A* mi’""' -i ne as
immscuirte n??os of bos sitters

The Sleeping
Beauty

by CLEMENT CRISP

his work is hard to equal The
masterpieces are the two of
Orovida Pissarro (1956-57), a
vast tub of a woman looking
oddly like Nye Bevan with huge
arms and hands. They are mar-
vellously precise, the draghts-
manship sure and shrinking
nothing. This ability shines
through too in Ms work as a
war artist which reveals his
potentialities as a topographical
painter. The bomb-scarred
Tempio Malatestiano at Rimini
or St. Stephen's, Vienna; the
evening scene in Verona with
British troops hobnobbing with
the locals.

But he is happiest at home.
As a recorder at run-down
suburb an Victorian houses as
they looked in the 1950s and
1960s he can have no equal.
They aupear before gentrifica-
tton. They are often decayed.
(V-^d-rt bv subletting, their gar-
d“is eiven over to weeds, odd
of later periods have |
b?“n tadeed on and the fabrics
end »rt*emera of our own
rve h?w been overlaid on to !
them In one aspect the paint-
ings are a .touching record of
*_V- vr'v of life.

F A r t *i« own teste as tbe can-
— g*re rnv interest
quriitv. of the
-*-■ ' — to— so intense 0 ” a

w*."- — te. tn hu^e cwiv^rsps
14 w, ‘Hr'se or* tee Crucflfrriou or
mriouste
pood noints Bud*
ones. Miriti

T "BV hn-wor lwag this 8
— : ^ : v tee history of frem-
i-rt

c - r?‘»ny of the pictures are
d- ha disservice by the ,
re? r v awful frames. Nor was I
s^’ric bv the logic or the beauty 1
o * ‘be banging. ,

W« ! «tet emerges as a truly 1
artist and there’s
nothing wrong with that. He i
lives to wirid a brush which he
does supremely weTl. His effect
on neu’ generation of painters
comtog out of the Royrl Colt eg*
nf Art ha? been profound. The
reasc-n te clear his utter
Integrity to his vocation as a

•1' Ofl* OUiV

- i - j a ljnt fH.-’

.,r=«M| pf ih??r b3-d v;n- r k ?nd
an •jncTos'-d mind
with no time for humbug.

Heaven ordained ballet
matinees as occasions when
young dancers should try their
-wings, and feet, in major roles.
Tbls has ever- been the way in
which new talent — so vital, to
the future of a national com-
pany — was tested, forced, and
sometimes rejected, and it is
good to report that the Opera
House inserted a couple of
extra ballet matinees last week
at reduced prices. The more
the merrier .and the better, say
L especially when we can see a
debut as brightly promising as
that of Deirdre Eyden, the Lilac
Fairy is Saturday afternoon’s
Sleeping Beauty.

The beautiful Miss Eyden
came to our notice at School
performances in 1976 and 1977;
since then we have not seen a
great deal of her in soloist
roles, but on the evidence of
jex Lilac Fairy she has matured
into an artist of easy and com-
manding grace. The part is
unbalanced: one taxing solo
early on, and then a good deal
of smiting and charm and inter-
minable promenading, like a
floor-walker in an opulent store.
To all this Miss Eyden brings
a generosity of presence, an
amplitude and grandeur In
gesture as in dance, and a
physical radiance which had the
matinee tots near me leaning
ecstatically forward on their
seats.

Unlike them, I may not
believe in the fairy’s magic, but
1 1 salute the magic of Miss
i Eyden te appearance, and hope
that before too long we shall
see her as Aurora: rile seems

to have every gift of technique
and classic line the rofte

requires, and a genuine and
enchanting' warmth of person-
ality. :

It was pleasant at fWs

matm §e to renew acquainlMGe
with Rosalyn Whitten’s Aurora,
a soubrette interpretation of
pretty vivacities and quick,
-fight accents which gives us a
portrait of an eager young
princess, but interest inevitably
^tsn focused upon another

rew casting. This brought the
dftiuts of Ravenna Tucker an A
Philip Broomhead in the Blue-
bird duet, which has been the
downfall of many an apprentice
dancer.

The two novices made
attractive first appearances;
indeed, Mr Broomhead seems
to me Ihe best candidate for
the role since the virtuoso days
of Brian Shaw. He has the
right technical manner and the
right clarity in beaten steps;
he makes sense of Ihe dance,
and if as yet he lacks the
stamina for the ettintinating
entrechats and turns, this wiH
come with hard work. He looks
like Petipa's Bluebird as so one
in the Royal Ballet has for a
long time.

Deiiehtful, too, the approach
by Miss Tucker to the
pirouettes and fluttering of
Fieri ne. An elegant physique
ard fluent style; tender, youth-
ful verve, mark this as a haqppy
dSbuL There seems nmm
♦-lent in the most junior ranks
of the coat® any, and matinees
ere the place for such aspirants
to make their first bid for 1
fame.

Pizza Express, Dean St., W.l.

Benny Waters at 80

by KEVIN HENRIQUES

At an hour last Saturday
morning when sensible gentle-
men of his age were sleeping
snugly in their beds, the multi-
reedman ’ Benny Waters was
irdefatigably celebrating Ms
SOth birthday, presenting three
rererous-length sets (at one
v»ln* v’usine in mid-^ue to
Kw» ou t fhe o-tiy eandte "n his
(nfce). hueelv PTri**yUv^
second »nd. not lp»st. de-
his Hste^PTS with that
qa-'litv melodic playi-.? which
accuratelv reflects his un-
quenchable enthusiasm for jazz
and Indeed for life.

Wafers wihrvw* career soans
seven d®ead'*s ffie '•'to hn heerti
rti t^T8 recordings bv the
rihariie Johnson band), has
soeut the last 30 years living
and working in Eurntw —
though mysteriously, and s^dly.
not until the mid-1970s did he
first play in ■ Britain. Since
then his regular apoparatsces
here have been joyous occasions,
his vivacious work on four reed
instruments gaining him a
belated but devoted following.

to thfls session he rJnneed
faeflely between tenor and alto-
six and ctertnet fort- his
soprano-sax w^s aoh 0,,T dV Cte
rtte he has » crenterHn-

-.■-9-nfh vte’te '

Carter ratert te-u T --: —
Hodves. On tenor hte s-v-'d ii
almost altn-like but hns a tetent

SKiscnlarity. Yet for one the
highlight of the night was his
emotional version on cla ri net
of “ Mood Indigo. ” full of
typical New Orleans feeling
and given added impact by a
pas^re with only bass
?rro-ina«iment.

ffh- vibrant bassist behind
T ’ r ‘-re -tiving every note its
fn'l value, was Leonard Gaskin,
-ore teird of the outstanding
h*»cldng trio led by drummer
Oliver Jackson. The three, who
are usually to be found in the
Sy Oliver orchestra in New
York, make up a dream
rhythm section, all appreciating
fully the requirements and
subtleties of accompanying, at
the same time all being
formidable soloists.

Jackson Ss “Mr Time” per-
sonified, He lays down mean-
?"rful accents in the right
places and is the epitome of
teste and invention. Plartfst
Cuff Smalls, first heard here
only two years ago, continues
to astound attentive listeners
with has deeply considered
stelings. He is a master of
tf-rtpnife shadings and his
sn’-is as notably illustrated in
- of Duke Ellington

• — >t . - - a«oT>iy absorbing and
r Without ques-

-o K te among the unsung
heroes of the jazz piano.

QUEEN'S. S CC 01-754 1168. EwiInBI
0.0. Mat Wed 3.0. Sat 9.15 and B.3Q.
EDWARD FOX. ROBIN BAILEY, JAMB
GRO UT M Ki ‘ PRUNELLA SCALES hi
OUAKTERMAINE’S TERMS. A new pto*
bv SIMON GRAY. Directed bv HAROLD
PINTER. Last 4 w ee k s. Ends Fab 20.

ROYAL COURT. 5 CC 730 1743. Prove
from Fab OPERATION BAD

APPLE bv G. F. Newman.

, OLD VIC. 928 7G1GWB. CC 261 1821.

fJAVMARKBT THEATRE ROYAL. *30 sTTOAD OF TOAD MALL. Dally at L45.
9832. CHrect from Broadway retme it# j tomor A Sat 2JMI.. Last weak.

London for an evening with DAVK. | smu avallabta.

ALLEN. Eras Mon-Sat 8Jt. Dim to; 1 ^

OBnraaedanted demand for tickets season
extended bat most terminate Feb 6.

SHAW. ai~xse 13S4. WorloiKW Produc-
tion of MACBETH. Opens Tonjoht at
obo Eves Mon ,» M7«. Mats
bnr & Frl. Lem Pitas. Easy
Parking.

PALACE. CC 437 GG34. Andrew Lkrrd
Webber's SONG AND DANttA Concert
for the theatre. Starring WWne Sleep

A Mai U Wf&b* Postil bookings now t . . . . — - — . .. eve ■ Eves e m.

Personal booking. Op« Feb 1 . J SfiJ^mCCSX U43. Jvg, B.M.

Agatha Christie's THE mousetrap.
World'* longest ever run. 30th Year.
SORRY. No reduced prices from any

source but seats bookable from £ 230 ,

F.T. CROSSWORD PUZZLE No. 4,781

ring Teledata 01*200 0200.

ACROSS

1 Material for newspaper to
to keep estate (8)

5 State of clothes washed in
you know what (6)

9 Not interested in making
catalogue smaller (8)

111 First person to be thinking
of always (6)

U Husband takes doctor sick
monkey (8)

12 Key person defeated shutter

(6 > ^ *
14 Point of joke in order to

settle what’s owing to family
(M.4)

sQuciao* sQEHQnma

nan a 0 □ n
QdLjciQQ aaeanasB
aaaaaanH
aasanEHE sdqqqb
a a □ aa q j a

□Hina □□asHEia 1

a a □ □ m o □ n
ossQoaa aana
a a a a a ns e

QBaano q 0HO3S[3B
naaaaflna
□anaaana Eaamaa
a ej a n 0.0 Q
sHESQEsa nanaao

18 Prepared where spot cash is
available (2,3,5)

22 Footballer not going off (6)

23 Straight to alternative
manager (8)

24 Lost — a way to fish (6)

25 Concerning land in Arran a
GI disposed of (8)

26 Laid off being confined (6)

27 Novelist with line on vegeta-
tion (8)

DOWN

1 Part of paper supporting
capital (6)

2 Model activity of party
leader given very large gin
cocktail (6)

3 Term at university for boy
or girt (6)

4 Shoppers bait QC after

, defeat (46)

8 Himalayan activity experi-
enced byt the upper classes
(4,4)

7 Follow revolution In a state
of panic (4,4)

8 Soldiers made an impression
’tis said (8)

13 He hopes things pan out for
female predator (4,6)

15 Reaction to cat (S)

16 At cricket newsman declared

17 Mechanical advantage of 20 Status symbol soldier might

reaching bar on time (8) . have U P ^ slee *e <*)

21 Bond guaranteed knot (6)

19 Income Tax return (6) Solution to Ptzzzle No. 4,780

Targeting the

Msrtoa Sadov,

exchange rate Why the jobless will still be with us

YESTERDAY THERE was a
sharp fall in financial markets
an London, despite goad trade
figures and an optimistic assess-
ment of our prospects from the
Government's chief economic
adviser, Professor Terry Bums.
The cause was not any new hor-
ror at borne, but the publication
on Friday of disappointing
figures for the U.S. money
supply.

The markets could not have
published more clearly their
conviction that British monetary
management is now directed
towards the exchange rate
rather than to domestic condi-
tions, and that as a result bad
news In America must be bad
news here. We cannot at tbe
same time stabilise the exchange
rate, on any definition, and set
domestic short-term interest
rates independently.

Consequences

The markets’ judgment of
policy is undoubtedly correct
Since October, when a sharp rise
in rates signalled the Govern-
ment's conviction that the
deliberate correction of the
cruelly high exchange rate of
19S0 was complete, exchange
rate considerations have domi-
nated day-today policy. Mone-
tary targets are in abeyance;
Professor Burns, like the Chan-
cellor in November, admitted
quite calmly that yet another
target for Sterling M3 will be
missed. The -effective exchange
rate, on the other hand, has
been held within quite a narrow
range of a central value of 90
on the index. On this criterion,
policy has been a marked suc-
cess in a difficult world.

Given the uncomortabte con-
sequences for interests rates,
some critics of the Government
may he tempted to argue that
the new regime is mistaken,
simply substituting a hair shirt
put together in Washington or
the home-made article. We
would reject this view.

The fact is that no govern-
ment can for long remain
passive about the exchange rate.
Sharp downward changes feed
through so quickly into
inflation, and sharp upward
movements are so devastating
for profits and activity, that
monetary policy is bound to give
large weight to tins question.
The exchange rate is the plain
man's guide to the external
value of money, and has a more
obvious meaning -to the ordinary
price-setter, wage bargainer
(and tourist) than the obscure
and confusing measures of the
quantity of money.

The question then is not so
much whether we should
change the operation of policy
as change its declared short-

term rules, and so make a
virtue of necessity. Since the
exchange rate Is already the
operational target of short-
term policy, there is much to
be said for making it tbe
declared tasget— a Garget, as it
were, for the value rather than
the quantity of money.

As we have seen, an exchange
rate target has an obvious mean-
ing to the man in the street;
what is perhaps more important,
we seem able to fait it A dear
commitment should therefore
prove both influential and
credible. It is difficult to claim
as much for 1000013117 targetry,
after its recent history. Progress
or difficulty is at all times visible,
and cannot be fudged.

If the money supply were
relegated to a lower rank in
the order of policy objectives,
it might paradoxically improve
monetary policy itself. For
example, monetary growth is at
present being -inflated by the
invasion ofi the mortgage
market by the banks. Under a
different target the Govern-
ment could take tins structural
change in its stride, and judge
it as it toould be judged, on
grounds of ffnandad prudence.
Money is also inflated, as Pro-
fessor Burns pointed out, by
the lade of acceptable long-term
finance for the private sector.
Under an exchange-rate regime
this problem could be attacked
in a meaningful way, through
the development of the indexed
market which tbe Government
itself has opened, without
attracting any suspicion of
window-dressing. Indeed, this
problem deserves a high policy
priority as long as we remain
on an exchange rate target,
whether it is declared, or not. A
viable topg-tenm market is the
constructive answer to tbt padn
of high short rates imposed by
world conditions.

Ambitious

Qf> course, adopting the
principle of an exchange rate
target as a focus for domestic
policy (which is quite different
from an exchange rate commit-
ment achieved by currency
market manipulation) is only &
first step. Large questions —
notably whether or not the EMS
provides the most appropriate
target and whether the aim of
a stable rate is sufficiently
ambitious in the midst of a
world^wide inflation — remains
to be discussed; but we are
satisfied that a discussion in
these terms would remforce
rather than tioderanlne the real
purpose of tbe Government’s
strategy; to make its commit-
ment against inflation dear and
credible.

Sig Berlinguer

gets his answer

F ALSE ALARMS there have
been in the past But no real
doubt can now remain that the
Italian Communists (PCI} and
(the Soviet Union have come to
the parting of the ways.

It bad already become evident
at the PCTs central committee
meeting a fortnight ago that the
Pbfcfa mffl&tary takeover had
produced a watershed in rela-
tions between Moscow and the
West’s biggest and most influen-
tial Communist Party. On that
occasion Sig Enrico Beaftnguer,
the Italian Communist leader,
declared that socialism as prac-
tised in Eastern Europe was no
longer of any relevance to work-
ing class movements in the
industrialised West

democratic pluralism and
Italian membership of Nato,
the party was still in its inner-
most soul wedded to Moscow.

Excommunication

Now Moscow has given Its
answer, in the unmistakably
official form of an unsigned
five-column article in Pravda.
It Is a charge sheet bearing
every hallmark of official ex-
communication; similar to those
pronounced ift their time by the
Soviet party against TUttism
and Maoism.

Sig Bertinguer*s sto is un-
pardonable. He is accused of
being anti-Soviet of abandoning
Marxism-Leninism, and of
moving into the Western
imperialist camp. In fact for
over a decade since the invasion
of Czechoslovakia in 1968,
Italian and Soviet communism
have been sliding inexorably
towards divorce. The grounds
have at last come with the
grotesque parody of socialism
whereby a Communist regime
has to surrender power to the
army to squash a mass move-
ment by the very working class
from which it is supposed to
spring, and whose interests it
is supposed to represent.

In the best Italian fashion,
the consequences of the split
of tbe country^ domestic poli-
tics are Hkely to be momen-
tous, but not immediately
visible. For 35 years Italy’s
post-war democracy has been
flawed by the disqualification of
the Communists, fay far the
biggest parly of tbe Left, from
Government- This stemmed
from the suspicion that for all
its professed commitment to

True, the PCI now advocates
an undefined “third way,"
neither Western social
democracy nor Eastern central-
ism. But all this adds up to
rather less than the nationalisa-
tion canting such uproar in
France. Or the programme of
the Labour Left in Britain.

After this exchange of con-
demnation with Moscow, the
ideological bar on the Italian
Communists surely ought to
fail — and in the longer run it
almost certainly wSEL But the
short term is much more com-
plicated. Sig Berlinguer has to
tread with the greatest caution.
No parties are more conscious
of history than Communist
ones, and any new policy must
be grafted logically onto the
old. As the Pravda leader
writer -knows, rupture with
Moscow is bitter enough medi-
cine for many Communist
militants brought up on
romantic notions of revolution.
For tMs to be coupled with
friendly overtures to Italian
political parties the PCI has
been bitterly attacking could
cause open revolt.

A rocket
for Jardines

Tbe Hong Kong sky blazed last
night with a firework display
marking not only the incoming
Lunar Year of the Dog, but
also the 150th anniversary of
Jardine, Matheson, the mighty
trading house which nurtured
and still dominates much of
the Crown Colony’s commercial
We.

The Jardine - sponsored
£100,000 display was a special
treat for the predominantly —
98 per cent — Chinese popula-
tion of Hong Kong. For
although the Chinese invented
fireworks, they have been
banned in Hong Kong since
1967. Handel's Fireworks
Music, the 1812 Overture and
a Chinese New Year theme
echoed across Victoria Harbour
as rockets and chrysanthemums
were launched 700 feet into the

By Max Wilkinson, Economics Correspondent

T HE recent faint gleams of
sunshine over Britain's
economic prospects will
be somewhat obscured today
by the shadow of January’s
unemployment figures which
will show the total still rising
to more than an historic 3m.

The figures wall provide a
most unwelcome contrast to the
easing of interest rates last
week and accumulated evidence
that business activity is. at last,
picking up.

Id the last two years unem-
ployment has doubled from
1.5m in January 1980 to 2.4m
a year ago, in advance of
today’s figures it stood at
2.94m. In December, the season-
ally adjusted adult total (ex-
cluding school leavers) was
2.78m, which represents 11.5
per cent of the workforce. This
is twice tbe rate of unemploy-
ment experienced in the late
1970s and about tight times the
rate in I960.

In' the short term at least,
between the desire for industry
to be more efficient and the
need, to create more jobs.

The outlook for employment
presented by the main fore-
casters is far from encouraging.
Their predictions, based on the
assumption that present Govern-
ment policies will continue,
envisage three broad possibIM-
ties:

In addition to those
registered as unemployed there
are now some 700,000 young
people on special employment
and training schemes. Accord-
ing to official estimates these
schemes reduce the unemploy-
ment total by about 360.000
compared with what it would
otherwise have been.

At the latest count, in Octo-
ber, about 780,000 people had
been out of work for more than
12 months, almost twice as
many as a year earlier.

And yet most observers expect
unemployment to go on rising
for some time yet in spite of
the fact that output Is expected
to grow about 1 per cent this
year after a fall of 7$ per cent
from mid-1979 to mid-1981.
There are even doubts whether
tbe dole queues will be signifi-
cantly reduced by the peak of
the present cycle which is
expected to be in the middle of
the decade.

No one has been able to pre-
dict when— or even, whether —
unemployment will return to
the far lower level which was
considered tolerable only a
decade ago. That happier state
would require a scale of invest-
ment and an increase in demand
winch is at present beyond the
time horizon of economic fore-
casters.

Meanwhile one irony of the
present recovery is that what
should be one of the most
important grounds for optimism
about the British economy — pre-
liminary evidence suggesting
that there may be a sharp
increase in productivity — is,
from the viewpoint of the dole
queues, tbe most depressing.
For there is an obvious conflict.

•A steady rise of adult unem-
ployment is forecast by the
National Institute of Economic
and Social Research— to a total
of 3.4m by tbe end of 1986. It
does not believe that increased
output averaging li per cent a
year during tbe period will be
enough to absorb gains in pro-
ductivity as well as the rise in
the working population.

• No reduction of the adult
total between 1983 and 1985.
which -mil remain at 2.7m after
reaching a peak of 2.8m this
year. This is the forecast of
tbe Loudon Business School.
Most of the independent fore-
casters lie between the LBS and
the Institute’s projection.

• A fall to an adult total of
L9m by 1984 is forecast by
Professor Patrick Minford’s
Liverpool University group.
However, the Liverpool group’s
view of inflation (down to 4 per
cent next year) and of growth
prospects is very much more
optimistic than the consensus
of other forecasts.

Whatever predictions the
forecasters make must be seen
in the light of the rather alarm-
ing history of the four reces-
sions since 1964. In each of
them unemployment reached a
new peak and in each interven-
ing period of recovery, it
remained at successively higher
plateaux.

increase represented a longer
time between jobs and only 10
per cent an increase in tbe
number of people becoming
unemployed.

He found that in 1980, half
of the people who became
unemployed left the register
within three to four months,
compared with a median flow of
one month in the mid 1070s
and only two weeks in the 1960s.

“There is surprise that the
unemployed do not rebel
against their lot: expressions of
incomprehension that people do
not take jobs that are known
to be available; and suspicion
that people are content to live
off benefit These feelings
ignore the fact that even at cur-
rent levels of unemployment in
Britain, the majority of people
who lose their jobs do not
become tong term unemployed,”
he says in the study.

Since the time of this study
(based on December 1980 data)
the number out of work has
climbed by another lm.

Even if the general pattern
remains as Mr Daniel describes,
the scale of waste and distress
is much larger; latest figures
indicate that half the unem-
ployed remain on the register ■
for about six months before
finding a job.

Moreover, the general in-
crease in unemployment has
had a disproportionate effect
on particular groups and
localities. In particular, the
unskilled, the older and the
youngest workers have been
worst affected. In the north, the
north west and Wales more
than 17 per cent of adult men
are without jobs, and in some
towns the petition is very much
worse.

A recent ORC poll for the

London Weekend television
programme. Weekend World
showed that unemployment is
now the most pressing concern
of the electorate, surpassing
even anxiety about inflation. So
there seems little doubt that
the Government’s record will
be judged to a great extent by
what happens to jobs between
now and the election.

But the Government has Kttie
room for manoeuvre, especially
if it continues to reject the
idea of injecting more than a
relatively small amount of
extra money into the economy
for fear of its impact on the
inflation rate. Even a deliber-
ate programme of reflation of
£5tm a year, as advocated by
the National Institute, could
only be expected to reduce
unemployment by some 200,000
to 300,000 after five years —
rather a little compared with
the scale of the problem.

The Government argues,
therefore, that the best long-
term hope is a r evi v al of the
UK economy with at least a
resumption of past growth
trends. For this, an improve-
ment In the tong-term growth
of productivity is of crucial
importance.

In the 1960s which now, so
strangely, seem a golden era,
total output per head grew at
an average of 2$ per cent a year
while in manufacturing the
trend growth rate of output
was between 3 per cent and 4
per emit a year. Since the mid
1970s, however, there has been
a marked slowing of the growth
rate, in which the UK has
reflected a world-wide trend.

For the whole of the last two
decades, output per bead (a
rough measure of productivity)
followed extremely closely to

However, in considering these
higher unemployment levels, it
Is important to keep in pers-
pective what the figures actually
mean. They do. not mean, as is
sometimes suggested, that there
is a permanent army of 3m
unemployed standing as a sort
of mute reproach to the luckier
majority.

The 3m total represents a
snapshot at a particular time
of the total number on the
unemployment register. Tradi-
tionally this has reflected a
constantly moving stream of
people on and off the register,
but in the past year the posi-
tion has significantly c han ged
for the worse.

In a recent stuffy* of toe
increase in unemployment from
1973 to 1980, Mr Bill Daniel,
Senior Research Fellow at the
Policy Studies Institute, esti-
mated that 90 per cent of the

Graham Laver

the growth track of total .output
(GDP). But in toe last year,
something remarkable seems to
have happened.

For the first tune In two
decades productivity has in-
creased sharply while total -out--
put was still fatting, in the 12'
months up to September 1981,
output per person m manufac-
turing rose by nearly 10 per
cent; and since the la&.peak of
activity in .toe beginning of
1979, output per person' in
mamrfacteing has increased by ;
3 per cent Output per person
per hour is tip 6 per cent even

though total Twarnnf a r fan-in^ out-
put has" fallen by 14 per’ cent in
toe period.

This is considered a most
encouraging sign because , in the
last four recessions, produc-
tivity has tended to follow
output downward. Moreover,
there is some evidence that the
improvement of productivity
has been more marked than
would be expected on the basis
of previous cycles.

It Is 1 too early to be sure
whether this, represents au fun-
damental improvement in toe
efficiency of industry or is just
a reflection of toe amount: of
idle capacity now being brought
to to use. But the Treasury is
cautiously optimistic that toe -
competitive pressures on in-
dustry will prevent the recent
gains from being thrown away
by excessive increases in man-
ning during the recovery.

A fundamental improvement
in produotirity as toe key to toe
Government s strategy -.for res-
toring toe mternatBOttol com-
petitiveness of British industry,
ft has rejected toe alternative
of engineering a substantial fait
in sterling because tins would
raise import prices and tons
fuel inflation. In toe tiro years
up to the start: of 1981. toe
UK’s labour costs per unit of'
output had risen 45 per cent
compared with aq average .of
those to competing countries in
the OECD index.

However, thanks' to toe
improvement in productivity
and relatively tow wage settle-
meats tins year, industry’s
labour costa per inwf of output
have been increasing at a very
slow rate. The annual increase
recorded for October was only -.
2 per cent less than in any other
competing country indwfing'
Japan.

If toe productivity is main-
tained, it is dear that a con-
siderable extra Investment will
be needed to provide more jobs
In an increasingly capital-
intensive economy.

But on even more immediate
ansaety is toe extent to which
m a nufac turing capacity may

^have- been permanently,
iroyed daring toe recent easep*

taonatiy severe recession.

. The jMSsabHSty toast toe des-
truction of capacity may have
led to an irreversible downward
shift of toe trend rate, of growth
jsdascussed by Dr BiR Robin-
son of the London . Business
School in a .recent paper.--- . .

- He suggests the reeesekm has ,
been..' so deep, and toe tuen-
lXHizid: -relatively so. weak, 'that- T
eveo'at toe height of recovery,
toe economy m|y not . reach toe J
average - growm pato vfo; ' be ' 1
expected from past trends.

This, he say&, eould mean " a
: peroiaztesit reduction hi~ the true -

economic capaicify of toe manu-
facturing sector.” .- Mamnfao&H'- '
ing output is now some 22 per
cent below the historic trend ’
HnBu

This may be a renaUf of top
expansion of North Sea oi l pro-
duction This, and the Govern-
mentis interest rate arid zoobey
supply poheaes have -combined
bo. maintain a fairly Ugh .level t
of sterling even to the- fapeirf f -
the' wage explosion of ; ^980: V - . \
The result was^^Vgn
erosion of coxopetativeqesa’tlwt
some industries wfa&jphirie
spare -physical capacfcyl vibay
have been effectively pricetfbat .
of business by foreign ;«oip6-'
titkm, and may tout. 'not -hs r '
available to toe economy .when
demand increases. ‘‘i-

One rather omtoous. pdtotar

that this theory may be dotted: L
is that kmmrts have w rurgo d ^ik V

is that imports have surged toas \
autumn, by mure toast .would -be 1
expected merely to account
toe end of destocking. . to toe .
three months to December
imports to vakane terms weto. 1
14 per cent higher than*- year '
ago^ .I^un though exports have .
fae£dup surprisingly .weB- (op r
5.4 i>er cent over,. . the-same •
period), the import- surge 'may- 1
imply that; ' JEftitish moan*
facturers are failing to m ee t the •••
slight increase in demand and;,.,
that - orders are garng t#
importers. ~
- Even 4f toe recovery 8s fakter
than expected (perhaps follow ’
tog an improvement m the Uiv
or a faster growto of : world
trade), there may he a further
constraint on any Approvement -
in British unem^jm^:M«y •
experts,-' mdodio^-Sie “most
recent champkuL ^^air incomes
policy, -Prof easK'- James Meade,
believe toat ^Jless wage bar-
gaining is nratamed, tbe UK
wdH be facetf^nf a Weak alter-
native betwe*^ ignore or less
permanentiy ^^h le velof tm- . ’
employment accelerating

ii me

pennanentiy-
cmploymenti
inflation rate;

*Thm Nature if.:"
by W.W. V flu

*The Nature Of, Cerrent- Unamployment
by W.W. 7 - North
American, TtenvicA- Association tIJSO).

V-J iff-

Men & Matters

Answer

Sig BerBnguer wiQ, there-
fore, probably insist aft the
more uncompKransingfy on tbe
need for a Commun ist domi-
nated “democratic attenrative n
government (rather then the
abandoned idea of the “historic
compromise” with tbe long
roting Christian Democrats) as
the only answer to Italy’s prob-
lems. Bat simple electoral
arithmetic means that a Left-
wing government would need
the backing of the Socialists,
and these Socialists are ptuv
string a tough anti-ConumiMst
line, as part of their campaign
to present themselves as toe
only realistic option for Left-
wing Orange to Italy.

The Socialists are not likely
to change this tone— at least
tMs side of general elections
at which they are hoping for
handsome gains. That is
another reason why immediate
political upheaval is improb-
able to Italy.

air from offshore buoys.

Jardines was founded by two
lowland Scots, William Jardine
and James Matheson, who
began their trading in Canton
in 1832 and bought the first
parcel of land sold when the
Union Jack was raised over
Hong Kong in 1841. The
Keswick family, descended from
the Jardine side of tbe partner-
ship. remains the largest single
shareholder in the group, which
now embraces financial, prop-
erty. energy and shipping
interests with a turnover in 1980
of U.S.S1.5bn.

The Jardine men nowadays
are potentates of a most
patrician kind, distanced by six
and seven generations from
their founding fathers’ more
socially ambiguous work run-
ning opium into China. The
present “Taipto ” or boss, is
David Newbigging, a second-
generation company man who
succeeded Henry Keswick as
chairman in 1975.

Keswick’s four years in the
chair “ turned 100 years of
Jardine fat into energy,” as one
executive then put it A useful
legacy for Newbigging, as over
the last few years the squeeze
from fast-growing Chinese entre-
preneurs has wrung beads of
cran Jardine brows.

But while the group can look
back on 150 years of remark-
able prosperity, it only has to
look one-tenth of that time
ahead before the future blurs
into uncertainly. For in 15
years, the Crown lease on Hong
Kong runs out What then?
Keswick is sanguine. “Fifteen
years is a long time,” he says,
“it will evolve itself in a
Chinese way.”

more startling stories of sloth
by despatching police squads on
surprise visits to Government
departments to check how many
of toe people on the payroll are
actually at work.

Infelisi's suspicions about the
dilatory deliveries of the
Italian Post Office were amply
confirmed at the sorting office
for overseas mail at Rome’s
Fmmicino airport where only
four out of 42 workers were
found at their jobs.

A director of personnel at toe
Post Office was arrested in a
dawn raid at toe weekend and
charged wit fa defrauding the
State and dishonesty — charges
that could lead to up to 11
years’ imp ris oturten t — by work-
ing a leisurely 11 am to 1 pm
day.

An employee of toe State
pensions concern who had
taken 96 days off for sideness
between May and September
last year to pursue a secondary
career as a hotel porter was
also arraigned. More than 150
others have been warned

recent rapid European expan-
sion. He las helped establish
major banking operations in
France and Germany pins
several smaller operations in
other countries, and Midland’s
assets on the Continent now
top $8bn. However, be is now
spending more time on strategic
planning, strengthening the
group’s worldwide credit-
vetting processes, and the U.S.,
where Midland recently
acquired majority control of
Crocker National Corporation.

Just where de Carmoy will
end up in the Midland hier-
archy remains an open ques-
tion. Jack Hendley, the present
senior general manager for
international operations (effec-
tively deputy to John Harris,
international chief executive)
retires in a year or so,

Breaking even

Post Chase

Italian job

“Tim 5L30 for Hitchin will
depart from platform four as
soon as all passengers place
their copies of the ‘Sun’ In
the fitter bins provided.”

Nothing seen under toe Sun's
tight on British Rati can yet
match the legendary feats of
Italy’s workshy civil servants.

Rome magistrate Luciano
Infeilsi has been uncovering

How high can a Frenchman rise
in an English clearing bank?
The question is being posed by
Midland Bank insiders watching
the meteoric career of Herve de
Carmoy, toe Frenchman hired
from Chase Manhattan Bank
less than four years ago, to put
Midland firmly on the European
map.

De Carmoy is spending an
increasing amount of his time
in London and is delegating
more and more of his Conti-
nental European responsibili-
ties to Herbert Jacobi, a former
Chase colleague.

Jacobi joined the Midland last
October and earlier this month
took over from de Carmoy as
chairman of the executive com-
mittee of Trinkaus und Burk-
hradt the German bank bought
by Midland in 1980.

De Carmoy has been one of
toe architects of Midland's

Though President Reagan may
not be ready to renounce supply
side economics in his State of
the Union address tonight- up
in New York there are signs
that business is getting impa-
tient for a boost to demand.

. Tax cuts and faster deprecia-
tion have not been enough, it
seems, for David Merkatz, a
young, small businessman from
Brooklyn of toe governing type
the White House thinks will
turn its theories Into reality.

Merkatz, who owns a couple
of shops which replace broken
car windscreens, was arrested
over toe weekend and charged
with possession of an aar rifle
and a powerful scanning device
capable of detecting an
approaching police patrol car
even through a tunnel

He was also accused, by
policemen who claimed they
watched him do it, of Masting
out the windscreens of three
cars. Police say there have been
more than a thousand similar
incidents in recent months.

Must the cold
killer strike
again?

Cold threatens the old. The recent severe weather ‘
claimed many victims — elderly people who suffered
and fell ill and for whom loneliness makes it even
harder to bear. ; >

The danger is M hypothermia,” a fall, in “ inner ” body
temperature (to under 35° C). It te' medically , _
estimated that up to 20,000 old people die in Winter -
as a result of Illness -brought about by cold. \

Severe cold may return and. with it the silent nienace
to the old, many exist in damp, chilly' rooins; they - ;-
have become so used to hardship and in their :

even colder— until it is too late.' J-. .

Help the Aged is doing its utmost to. prpvide one .pf
the much needed answers: many more Ilay Centres,

where old people tod waim^ftirad^p low
cost meals. Help tiie Aged and volunteer ‘drivers
also pioneer ‘minibus transport to take the frailaiid
housebound to centres. " h" . r " ‘ ■

The need for this and trilier lielp is espadafly^urgent
at this time of yearv: ; {Only two old people pet ' ; ' ; :
thousand .have a chance of a Day Centre.) . £5ftl-vli :
provides help for a Gmatric MedicalJJayHospatal
£25 provides, a conto^gdaily.piaceiforsom^ v

a mobile centre- £150 perpetiiates a loved name _ ;
on the Dedication Plaiquie of a Day Centre.. '\ : :f ’i\

Observe 3

Fiiajidal Times Tuesday jamiary 26 1982

TRADE WITH JAPAN

race for the West

By Charles Smith, Far East Editor, in Tokyo

TRADE PROBLEMS between :
Japan , and ijHke’ "West 'ire jm$eb
■woxse than most pepite realise
- and could . lead Europe'; to
impose a t- total ban. on Japanese
imports. Viscount Etienne
DavigxwHt, the Ktnopean Com -
mission's : vice -preskteiU,
decided- last -weefe His oom-
mertfs -came^on. .the eve o£
important ! trade talks between
EEC . and -Japanese. .• officials
wMeh- began, in. Tokyo this
week. • V ■ :

. Whether ,14» ■ Viscount was
firing a warning shot across the
bows of Nmon. Maru (an
approximate _ translation for
SS Japan)- oar whether he
. really meant what he said, there
is no dabbt-that things are look-
ing grim>: The winter of
1981-82 ie. turning out to be the
most uncomfortable season for
anyone connected 'With Japan’s
international trade relations
since the: memorable one erf
1977-78 when Ur Robert Strauss
(Preskleirt Carter’s special
trade representative) clashed
with . Japan’s. ^ Mr Nobuhiko
Ushiba in a protracted and
agonising series.of negotiations.

The Stranss-UsMba talks led
to an agreement by Japan to
open Rs market more widely to
American products and were
followed by- three quiet years
during which Japan worried
more about its on bills than
about the reactions of either
the U.SI «e Europe to its
phenomenally . ; successful
exports. But the peace was not
.to. last . • V / - ,-

The pressures- now being
applied against Japan by the
-U.S. and Europe not only cover
a wider range of issues than
Mr Strauss's 1978 demands but
are- being backed (at least in
the American ease) by more
explicit: threats ’ of relaxation.

The reasons why Japan has
come under -sodb acute pres-
sure from the West 'tins winter
are not hard to find One very
obvious one is that,, on the basis
of year-to-year comparisons,
Japan's surpluses with' both the
UiL and the EEC looked much
worse in 1981 than kt any pre-
vious year. The Japanese sur-
plus with .the .EEC -at $Xfl.3bn
•was around 10 per cent larger
than, in 19S0 (which itself was
a far worse year than. 1979) but :
also accounted for substantially
more than half of Japan’s total
exports to the Community- With ‘
the US. Japan’s surplus more
than doubled during 1981, hit-

Last year Japan had a
record $10.3bnt trade
surplus with the EBC.
This week Japanese and
European negotiators
arc meeting in Tokyo to
-discuss Brussels* demand
that Japan take urgent
steps to “ open up ” its
market. Japan is very
worried by growing
Western anger about its
success. But it remains
to be seen whether it will
make real, lasting
concessions.

ting what -even the/ Japanese
seem to regard as the unaccept-
ably high level of S13.4m

With unemployment in "the
West at four to five times the
levels in Japan, as a percentage
of the total labour force, it is
hardly surprising that Western
nations have reacted to these
figures by exerting heavy pres-
sure for the opening of the
Japanese market to their ex-
ports. or by demanding
Japanese export restraint, or
both. .

The fact that 1982 happens to
he a mid-tenn ejection year in
the US. has obviously helped
to intensify the pressures

The danger of a breakdown
of free trade between Japan
and' the US. and Japan and
Europe wouSd probably look
less serious today if the
Japanese had been quicker off
the mark in responding to
early alarm agnate from their
Western trade partners. When
Prime Minister Zenfco Suzuki
visited the . EEC in June last
year, he did not appear to have
been briefed uzrtSJ the very eve
of his trip by officials at the
Foreign - Ministry and the
Ministry of International Trade
and Industry about the gravity
of the European trade problem
or the need for counter-
measures by Japan.

After bSs return. Mr Suzuki
gave orders for a Japanese

Government mission headed fay
veteran businessman. Mr YoshF
feiro Ioayatna, to visit Europe
in the autumn

On Mr Inayama's return to
Tokyo, the Government decided
to view trade relations with
Europe as both a short-term
and a long-term problem. Even
then, it was not until early
December, following a Cabinet
reshuffle which replaced both
ministers concerned with
Japan’s external economic
relations, that the Government
was ride to come up with ‘
modest tariff cutting and
an “emergency import" package.

The December package was
not, as it turned out. Japan’s
last word on the subject of
import promotion. Early in the
same month, in a move which
broke the tradition of leaving
trade problems to bureaucrats
and bringing politicians only
into the final stages of the
decision-making process, Mr
Suzuki established a special
committee of Dietinan (members
of tire Japanese parliament)
which was to consider addi-
tional urgent measures to open
tiie Japanese market to imports.

The Esaki Committee (named
after the ex- Munster of Inter-
national Trade and Industry who
heads it) bas come up with a
list of nearly 100 non-tariff
barriers and a majority of these
seem likely to be legislated out
of existence during the current
Diet session. (The full list is
due for publication on Friday,
but leaks in the Tokyo press
have already revealed what the
committee may have in mind.)

The long lists of administra-
tive barriers to imports-— rang-
ing from elaborate and idiosyn-
cratic inspection procedures to
seemingly absurd regulations
on the marking of weights and
measures on imported goods —
that have appeared in the press
during the past few weeks look
very much like an admission
that the Japanese market was
not as open as officials had been
saying. The question, however,
is what happens next: Japan
may take the position that by
removing some 90-odd highly
te chnic al obstacles to trade, it
is at last opening its market
fully . to Western products.
Western nations are more likely
to argue that the Esaki Com-
mittee’s recommendations make
only a small dent in the prob-
lem of Japanese non-tariff
barriers and that what really

f £u^*.£t:Xv... . *

? • . a' • '

'*&*'*■ -

Graham Lavar

matters is how much more
Japan has to offer.

Unless the new Japanese
package on non-tariff barriers
silences Western trade critics,
there as a danger that the next
phase of tiie argument wall be
aggravated by conflicts of
interest between the U.S. and
Europe. In tiie post three
months both Brussels and
Washington have submitted ex-
plicit lists of demands to tiie
Japanese authorities and have
set deadlines for an answer (the
UjS. by late February, the EEC
apparently by the time of the
“high level” • consultations
which are due to be held be-
tween Japanese and European
trade officials in Tokyo later
this week).

Washington's list of demands
has never been published. The
Brussels list, which has also
never been formally issued, in-
cludes both specific and general
requests. The former relate
mainly to tariff and inspection
procedures; tile more general
items cover almost tiie entire
range of supposed obstacles to
doing business in Japan, includ-
ing tiie difficulty for foreigners
of actually taking over a
Japanese company. Japan is un-
likely to meet both sets Of de-
mands in full during the
current round of trade bargain-
ing. if only because the political
cost of doing so (in terms of
offence caused to powerful
domestic lobbies such as

fanners) might be enough to
bring down the Government.
But it may face a very difficult
task in deciding how to distri-
bute its favours.

If it comes to a crunch. Mr
Suzuki seems likely to lean
more toward satisfying the
Americans (whose major
weapon is that Congress can
pass anti-Japanese legislation
whenever it wants whereas the
EEC bas no fewer than 10
national parliaments to wrangle
over trade issues).

If Japan can survive the next
few weeks of gruelling trade
negotiations, and if the U.S.
Congress holds its hand on some
of the more damaging pieces of
legislation now being mooted,
there should be a chance of at
least a short-term reduction in
trade tensions. Although the
figures for the whole of 1981
do not show it. Japan’s trade
surplus with the EEC had began
to shrink during the second half
of the year and in the final
quarter even the figures for
Japanese exports to Europe
were starting to fall from year-
ago levels.

- One reason why a continued
slackening of Japan's export
dynamism looks probable is
that an estimated 25 per cent
of the country's total exports
(including most of the cars,
steel and electronic products
sold in Europe and the U.S.)
are now subject to restraints of
one kind or another and there-

fore cannot be expected to
grow much, if at all. in 1982. A
second point is that economic
conditions are now so bad an
virtually all Japan’s major
markets (not just the Western
industrial ones, but also China,
the Middle East and South-East
Asia) that the demand may
simply not be there in 1982 to
support the kind of growth that
Japan has come to take for
granted.

Trading company analysts
w)io have been pursuing this
line of thought (and who have
also taken into account the
sharp downturn that occurred
tin Japan's actual trade per-
formance in the . last two
months of 1981) are arguing
that Japan may register a
smaller trade and current
account surplus this year than
last instead of the much bigger
one that roost forecasters,
including the Government,
were expecting until recently.
They also believe that Japan
may, at long last, be shifting
towards a domestically oriented
growth pattern (j.e. one in
which most new demand for
Japanese products comes from
inside the country) in place of
the heavily export-oriented
growth pattern which has been
the rule for the past two years

Thoughts like these should
help to reassure Japanese and
EEC trade officials as they get
down to what mil undoubtedly
be an extremely tough round
of discussions. But there are
two reservations to be borne
in ntind. First whatever the
truth may he about current
trends in the Japanese eco-
nomy, it wHl have little bearing
on the actual state of Japan’s
trade relations with the West
unless figures are available to
prove what is happening.
Secondly, even if the next
phase of Japanese growth turns
out to be less export-oriented
that the last one. it win almost
certainly turn to be only a
phase.

The fundamental problem
that underlines Japan’s trade
problems with the West is that
the Japanese economy depends
for its survival on a handful
of ultra-competitive industries
that must sell abroad or face
massive contraction. Until
Japan develops a taste for im-
ports as powerful as its urge
to export, or until Europe and
the U.S. have industries that
are as competitive as Japan's,
the problems can he expected
to continue.

Lombard

No market for
good news

By David LasceUes in New York

ARE THE financial markets
basically optimistic or pessi-
mistic? Judging by their dismal
performance in the U.S. last-
year, you would have to say
pessimistic. But that is surely
wrong because basic pessimism
would have destroyed markets
long ago. it is the hope that
springs external that keeps
markets alive.

What one can say, though. Is
that American markets have
developed a deep sense of cyni-
cism, particularly about such
matters as government’s ability
to fight inflation or the central
hank’s willingness to stick by
tough ' monetary policies. This
cynicism makes it * specially
responsive to bad news which
always tends to confirm jits
worst fears. Good news, on the
other hand, bas usually been
discounted in advance and
makes little impact when it
actually arrives. Thus, a rise
in inflation is more likely to
depress markets than a decline
in the government's budget
deficit is to cheer them up.
Some clever analyst will always
point out that while overall
inflation is down, " worrying
trends" can be seen in key
materials or the level of wage
settlements. He will look for
the bad news.

This might explain to some
extent why the pessimistic fore-
casts of Wall Street's consis-
tently bearish pundits get so
much publicity and make such
an impact. Yet there are some
who have quite encouraging
things to say about the outlook
but do not get the same hearing.

One of <them is Mr Leif Olsen,
a figure of no mean standing in
his capacity as chairman of the
economic policy committee of
Citibank, New York's largest
bank. Contrary to the gloomy
prophets who forecast jagged
but upward rising interest rates
this year, Mr Olsen is forecast-
ing jagged but downward
moving rates. Why?

The key to his thesis is that
US. inflation is finally on an
unmistakable downward trend —
a watershed has been passed,
he thinks. This realisation will
gradually seep into the markets
this year, and investors will see
what extraordinarily high yields
they can get on financial assets
compared to diamonds, Chinese

ceramics, meal estate and all the
other tilings that inflation has
driven (them into. Once this
change in psychology occurs,
people will start buying bonds
and interest nates wriii come
down.

Mr Olsen is also quite
optimistic about the capital
markets' ability to cope with. Ube
growth in credit demand this
year (which he thinks waii rise
even more sharply titan pre-
dicted by Dr Henry Kaufman,
the arch-pessimist) because
history shows that surges in
borrowing do not necessarily
push up interest rates. As for
the deficit, be is confident that
the Reagan administration will
address the problem by raising
revenues and cutting spending.

He also thinks tiie Fed win
stick to its guns and reduce
the uncertainly in the market-
place, which wiM in turn speed
the downward movement of
interest -nates and ease economic
distress. Before long, Che mar-
kets wtil move out of what he
calls “the aberrant phase ’’
they have been in for the last
few years, and things will set
back to normal.

The striking point about Mr
Olsen’s forecast is that unlike
Kaufmanesque predictions
based on complicated analyses
of credit flows, it leans heavily
on hope: hope that the Reagan
Administration will sort out its
budget problems, hope that the
Fed will win through, hope that
the markets will see what
bargains are available.

“ I want to take some of the
fear out of tiie markets.” he
commented when asked about
this. “ AM that pessimistic fore-
casts do is validate the cynicism
of the markets.”

Noble these motives may be.
It has to be said, though, that
Citibank’s forecast did not make
the front pages of the news-
papers or send tremors through
the market — which was prob-
ably a disappointment for Mr
Olsen who said he wanted to
get a more optimistic view into
the marketplace. Ironically,
though, it bears out his argu-
ment that the markets are not
particularly interested in good
news and, for the time being
at any rate, only want to be
told the worst

Letters to the Editor

Bank mortgages and the money supply

From MrJZebinW-Wjlsoti..

Sir,— The recent action by the
Bank of England in asking the
banks and licensed deposit
takers to -desist from, providing
mortgages in. excess of that
properly- required for house
purchase and improvement has
been met with derision by free
marketeers and those who think
they -. understand . monetarist
philosophy. .. Tire accusations
-levelled from all sides, includ-
ing reputable stockbroking
firms, reveal a persistent and
worrying miscomprehension of
the relation between the pro-
vision of credit, and the money
supply.

Let me explain. Monetary
control is aH about m a n aging
the expenditure capability with-
in the economy to within a
tolerable level. The shifting
provision of mortgages from the
Building’ Societies to the banks

Valuations for
house insurance

From the Secretary-General,
British Insurance Association.

Sir, — The cost of rebuilding
has for many years been the
correct -basis on which to cal-
culate - the right amount for
'which. the structure of a house
should - be . insured. This is logi-
cal, as the insurance company
undertakes to pay the cost of
repairing . damage sustained or .
rebuilding hi the event of total
destruction.

Market values are not a reli-
able guide, as suggested by Mr
Howe (letters, January 25).
Properties that are- similar —
and thus present similar risks
to the insurance company— can
vaiy widely in market value
according to locality, the
general state of the housing
marke t, even the time of the
year. Further, it is quite pos-
sible for substantial repairs to
exceed the market value of a
house, and the policyholder
would- be severely disadvan-
taged if he was not adequately
insured.

The. figures produced by the
Building Cost Information Ser-
vice of the RICS, published
annually by the BIA in leaflet
form, provide reliable guidance
to householders on costs they
could be faced with and thus.,
the amount, for which they
should purchase insurance pro-
tection- It is worth pointing out
that the figures do reflect the
fact that prices of building
materials have been depressed
because of toe present econo*
mic situation.

R. C. W. BanjelL
Aldermmy Mouse, .

Queen Street, Ed

is likely to increase this expen-
diture capability if persons are
opting to borrow from banks
because they can obtain finance
more cheaply to purchase other
. things, usually consumer dur-
ables. ' Individuals are c learly
en g a g in g in the substitution of
credit, away from finance
houses and overdraft facilities
and into mortgage borrowing,
with the necessary side effect
that the Building Societies are
deprived of business.

It is precisely because the
Bulking Societies are restricted
in both the amount and nature
of their lending that this
anomalous position has arisen.
Whilst you cannot blame people
for taking advantage of this
opportunity, it is futile to argue
that the imposition of another
"control” upon credit alloca-
tion is tantamount to a policy
reversal, especially when it is a

There are no votes
in starvation

From. Mr G D. Hunter

Sir, — As an employee rapre-
senjtastive of tire - Agricultural
Research' CouaxaL I dboufld Bn
to. reunod your readers of the
very serious ataatfoD teat has
arisen, m the Agiwxrttwnag Be-
seech Service. As your corre-
spondent indicated (January
15), tire Agricultural Research
Gounod *s proposing the dose
down of tire Ainfenaft Breeding
Research OigaKBsation labora-
tories to Edtofcuifh and also
that part of tire Long Ashton
laboratory concerned wsti) fririt
growing. These safe factinties
bu£fc up patoeo By over many
decades .and tire expertise of
senior staff once dispersed ootdd
not be effectively reassembled
for a very long period indeed.

; & the vtow of . «ny Panel, tiie
.proposed measures are ex-
tremely sbart-saghflBd. Our
anfipnai breeders and growers of
.band fruit need a41 tire support
they can obtain «o suet tooreas-
angwMBfSneata! coinpesstici®, and
w£en tire world finally ctiaribs
out of the current recession, one
can eteariy see that we to
Britain wM depend beovfiy upon
our capacity ti> innovate success-
fully. The organisations now
oboist to be destroyed wtii nett
tiren be easily replaced.

We do not wish necessarily to
criticise the Agrfcufttaral Re-
search Counofi. which fans been
forced to take some (toastie
action by the systematic reduc-
tion of fundtog to Teal terms
over the last few years. The
real eiflprit is tiie present
G overnm ent, and tireto action is
aH tiie more iBcompre fae usMe
to that aH recent M nffies havg
d emon st r ated tiie -otitstandtog
east-effectiveness of agjicufcteirai
research to tins country. The ■

legislative constraint upon
Building Society .operations
which created the anomaly in
the first place.

Finally, I find it astounding
that those who profess to
understand monetarism fail to
realise that Building Society
and bank lending are not sub-
stitutable. The transfer of lend-
ing from a “non-bank” to a
bank must be inflationary if the
latter creates money and the
former does npt It is natural,
therefore^ that in the applica-
tion of a policy for monetary
control the authorities should
react to a situation which will
dearly increase the money
supply and (they say) inflation.
The Argument that such action
is not related to monetary
control Is clearly false.

Kevin W. Wilson.

Charlton Seal Dimmock & Co.
76 Cross Street . Manchester.

difficulty lies, I suspect in the
difference between the time
scales of tire life of governments
and ctf success %i scientific and
technological enterprise. There
are do votes in science we have
been to&d unofficially; but. Sir,
a future government may find
that there are no votes in star-
ration either.

G. D. Hunter.

Gbaznnan. Higher Grades Panel,
AJR.C. Branch,

Institute of Professional Civil
Servants,

Tonayne House*

Oxford Road,

Donnm&ton,

Newbury. Berks.

Fiscal incentives
for small firms

From the Chairman, Smaller
Firms Council, CBI

Sir, — When I read the recent
(FFI paper entitled “Capital
Structure of Industry in
Europe.” to wbriefa Lord
Caidecote refers in Ids letter
(January 19). I was greatiy
encouraged to find that Its
analysis and argument are very
dose to those of the CBL
Making borrowing easier for
people who cannot afford to
service the borrowing does not
solve their financial problem.
A sound equity base is essen-
tial to a business that is to be
successful and grow in the
longer tenn; and equity from

an individual personally com-
mitted to tiie success of tiie
venture is the best and most
appropriate for small private

companies.

The CBI has been doing all
it can to drive this message
home. In particular, its pro-
posals for legislation to fiHov
tire getting up of Small Firms
Investment Companies would,
S£ implemented, do precisely

what Lord Caidecote suggest*
by providing fiscal incentives to
enable the bringing together,
often at a local level of those
with capital to invest and those
needing capital.

The CBI is therefore already
in the field and plans to stay
there!

Jeremy Pope.

Centre Point,

103, New Oxford Street, WCI.

Cheap transport
in London

From Mr George Stem

Sir. — The former GLC Leader,
Sir Horace Cutler, describes
Ken Livingstone and his sup-
porters -as Marxists, and he
seems to tie this up with their
cheaper fares policy (Letter
January 21).

On this basis, Mayor Koch of
New York or Mayor Chirac of
Paris must be to the left of
Mao. What is so tragic about
London is that we have Mi seen
where high fares lead to in
several North American cities
such <85 Los Angeles or Detroit;
declining usage, much higher
costs per passenger, withdrawal
of services, massive road build-
ing, endless jams, the death of
the city centre and the creation
of poor area$ like Watts com-
pletely isolated from any pos-
sibility <ff reaching a work
place.

By contrast tiie modern policy
of low fares not only helps to
make a. city prosperous and one
in which it is a pleasure to live
and work, but it also leads to
lower public transport costs. In
1980. for example, total costs
per passenger-mile on Paris’s
wonderful system were lip,
while on London’s bombed-out,
uniquely awful public transport,
costs .were 12p — and hi a
country where people earn
much less. This had nothing to
do with greater automation in
Paris; it is true that staffing
levels are much lower but
wages are much higher, so that
on both systems, surprisingly,
wage costs per passenger mile
were 7.3 p.

Sir Horace is keen to throw
about his “ Marxist ” charge and
to refer to the fact that Labour
Members are not top-drawer,
but it is worth observing that
while plenty of middle and
upper cl as officials, often titled,
have been uncovered as KGB
agents, no such accusation has
been made in connection wi®
left-wing Labourites. And I
wonder who does the work of
subversion more; the man who
advocates the rity-killing poKcy
of high fares, or the man who
tries to put London on tiie path
trodden so successfully by Euro-
pean capitals?

George Storm
6, Eton Court,

Shepherds Bill, N*i

Every bank can
make sure your

exports are paid for.

eventually

A commercial transaction is rarely straight-
forward when buyer and seller are on opposite sides
of the globe. Documentaiy credits and bill collections
should make things easierfor importers and exporters
rather than complicate this complex and vital area
of international trada

Standard Chartered Bantfs presence in more
than 1 500 offices in over sixty countries allows us to
advise our customers on trading practices, pin-point
problem areas, suggest the best method of payment
provide status information on prospective partners—
in short, offer the kind of service that has twice earned us

The Queen's Award for Export Achievement

As Britain’s largest independent overseas bank
Standard Chartered's wide geographical coverage
gives flexibility in the provision of finance and direct
branch-fo-branch links to speed both the completion-
of transactions and the remittance of proceeds.

Our range of services both overseas and at
over twenty British branches is exactly what you
expect from any dynamic, progressive bank; the
global experience which lies behind £ is what makes
us distinctively what wears.

Standard Chartered

The British bankthat goes further faster.

19BO

BBamO»^^74mBRKTOL2»071 CARDIFF 398 283 DUNDEE 28385 EDINBURGH 2254613 CL^GOW21M0^5aKGSTQN.!JPC«-HDLLg727L‘5 I OT5 <46733/4 i —

UVEKPOQi; 2366213/7 UJIQN20B35 MANCHE3EB8343444 MBHgBBOWMRW UUZOHKBQiES64a06 SHEFFIELD 738741 SOUTHAMPIOX 39122 SIOKE*ON-7EQiTZB348

20

and Markets

UK COMPANY NEWS

. -Financial jimes Tuesfcffi ^

Rank ‘encouraged’ by
£103m— holds payment

^dSmith Alexanders Discount
£530,000 advances to £1.75m

raises

£217,000

CONSIDERED TO be an
encouraging performance in the
light of extremely difficult trad-,
ing conditions throughout the
period, taxable profits of the
Rank Organisation were down
from £I09.42m to £ 102.78m for
the year ended October 31 1981,
but Mr Harry Smith, chairman,
who retires from the post after
the annual meeting, says the
group looks to the future with
great confidence.

The dividend is maintained at
lO.Sp net per 25 p share with a
satne-again final payment of 8p.

Arising from higher rates and
the cost of translating overseas
interest into sterling, interest
charges for the 12 months
increase by £624m to £28.26m.
Directors say there were no
additional borrowings during

19S0-81.

At halfway pre-tax profits bad
fallen from £53 .45m to £36.6Sm.

Group turnover for the year
advanced from £596.72 m to
£618.4m and trading profits
amounted to £39.I4ra. compared
with £37.22ra previously after
£2.2m rationalisation and
redundancy casts. Associate
share of profits was unchanged
at £6.7m. and the share of profits
from Rank Xerox was slightly
behind at £S5.2m, against
£87. 5 m.

The accounts of this company
have, for the first time, been
prepared in accordance with the
provisions of U.S. Financial
Accounting Standard 82. This
requires that gains or losses
made as a result of currency
fluctuations in translating sub-
sidiaries' accounts be reflected
as part of shareholders' _ funds,
rather than included in the
profit and loss account.

The result has been an adjust-
ment of £15m over that which
would have been reported had
the former Standard (FAS 8)
been applied. Adjusting the
previous year’s figures on the
new Standard would have
reduced Xerox’s contribution by
£1.8m; comparatives have Seen,
re-stated accordingly.

Although there was a small
decline in Xerox’s profits, the

HIGWflS

After briefly looking at the impact on London markets of
last week's poor U.S. money supply figures Lex moves on to
consider the latest figures -from Rank Organisation. Rank's
results appear to be very {good, mostly because of adjustments
But -there is also an underlying improvement at Xerox
to the treatment of foreign currency earnings by Rank Xerox,
while the other businesses are not quite as bad as had been
expected. The bullish statement on current trading helped the
shares up 16p yesterday. The column then examines R own tree
Mackintosh's bid for Huntley and. Palmer which is being
rejected despite a healthy looking price earnings relative.
Finally Lex comments on Croda’s second defence document
which concentrates on its own financial performance.

WITH DEMAND fluctuating at

a low level and pressure on mar- -nvcwnr rnwrirormir , tTt _
gins David S. Smith (Holdings)
turned in lower first half profits JSS? 7, ^
to October 31 1981.- The taxable by

surplus fell from £804,000 to

£804.000 althoueh Sis rem- AJexand ® Vs Discount Company
seated an increase of £210,000 ^ eased profits after rebate, tax

DIVIDENDS ANNOUNCED

Date Oorrov Total Total
Current of 1 fipancGng. Joe;
.payment payment *2y. year

directors say a better indication
of its operating performance
wilt be seen by excluding
exchange rate effects. On this
basis the surplus rose by 4 per
cent.

The 5 per cent Increase in
group trading profits arose
largely from improved results
from Rank Cintel, Rank Indus-
tries America, Rank Industries
Asia and Rank City Wall, and
the elimination of loss making
operations, Mr Smith says.

“Our forecast for 1982 indi-
cates a marked improvement in
profits for the Rank controlled
activities.” Looking beyond
1982. the action taken in recent
years will ensure a good per-
formance from traditional acti-
vities, he says, adding that the
group also has exceptional
growth prospects through its ex-
tensive involvement in informa-
tion technology.

Rank Xerox is in the process
of launching a new product
range for the office of the future,
and group investments in Zynar
and Telecom Equipment Corp,
New York, “give us a further
involvement in information
technology, with excellent pro-
spects for rapid growth,” says
Mr Smith.

Trading profits of the inter-
national and film and television
services divisions and the pro-
perty company improved con-

siderably, while those of the
leisure and hotels, and holidays
divisions were lower. The indus-
trial division recorded a trading
loss of £3.8m, after absorbing
heavy redundancy and other
rationalisation costs.

Net borrowings have been
reduced from £3 02 in to £190-8m;
the debt equity ratio from
103.4 per cent to 33 per cent; dis-
tributable reserves have im-
proved from £23.4m to £60.7m,
and the value of assets per
share from 161.9p to 280.6p, the
chairman points out.

He adds that a new manage-
ment team has been established,’
within a new structure appro-
priate to the group's future
needs.

Tax for the period took
£44 .22m (£50 .97m). and after
minority interests, £5.59 m
(£4.1 lm) and an extraordinary
debit much lower at £1.94m,
compared with £20.02m, the
attributable balance came out
well ahead at £51m, against
£34 -33m. Dividends absorb £22.4m
(same) and earnings per share
are shown as 25.9p (2(L6p).

P ret- ax profits of subsidiary
Rank Precision Industries
(Holdings) slipped from £5L98m
to £48.43 m, and investment in-
come, net of related tax credit,
but before corporation tax, of
subsidiary A. Kershaw and Sons,
fell from £7.33m to £5.65m.

See Lex

over last year’s second half.
Turnover for the six months de-
clined from £4.25m to £3.77m.

However, despite a fall in
stated earnings of 1.9p to 5.8p
per 20p share the net interim
dividend of this photolitho
printed packaging materials
manufacturer is being main-
tained at 2.5p. Last year a total
of 7p was paid out of pretax pro-
fits of £135m.

Mr D. S. Smith, chairman, says
that despite the difficulties, the
company — with the co-operation
of. its workforce and sufficient
reserves— is well placed to in-
crease production on demand.
Predictions of an improvement
ifl the national economy, he says,
have so far proved unreliable
and it is not possible to assess
the outcome of the year with
any degree of accuracy.

The taxable profits were struck
after depredation of £49,000
(£52,000), and induded deposit
interest received of £123,000
(£116,000). Tax took £291,000
(£449,000) leaving net profits of
£313,000 (£415,000). Dividends
absorb £135,000 (same).

a transfer to contingency
reserves from £L.25m- to £l-75m
in 1981.

The final dividend is being
lifted from lL5p net per £1 share
to ISp making a total for 19S1
of 18.5p (17p). The year’s

distribution absorbs £910,000
(£834,000).

.This result is pleasing, the
directors say, not only, because
at allows an increased
dividend but also
of the increase in the trading
base and thus- the size of the
portfolio which may be carried.
The general reserve they say has
been restored to its 1978 level
of £5m (£4m) after a transfer of
£500,000 from the contingency
reserve and £500,000 from profits.

The balance of profit carried
forward rose to £1.16m (£828,000)
after this £500,000 transfer.

At year end -the balance sheet
total was £464m (£434m) and
induded Treasury Bills of £41m
(£86m), other bills of £27 lm
(£251m) and sterling certificates

Alexanders Discount ... 13

Allied Textile Co 4.42

Meggitt Holdings nil

Mercantile House ...int 35
Palmerston Inv Trust ini LO
Rank Ore — 6

P. S, Smith _mt 25

MaratilT GS
April 3 4.02*

— - 0.42

Mardb.35 2.5*
Marcfa.4 0.6
April 12 6
Feb 26 2D

185"

6l 98*
■uR ;

103

17 -
358*
034 :
■ Sj5*
2 ...
103.
7

... . . ptWie

booses and tiro cffificenees, £
raising £217,000 uethy wgy.uf
« Tights issue of - 2S2,000 shares
at MOp per' share ra the basis
. ncf tiro., new shares 7 . for .every
. itfcree held. ■.

- . The company, wfaftfr reported
pretax profits of £19,000 in ; the
1 =34 weeks to July 13, .1081, com-
pared to- £20,500 in .tile previous
period, said the foods would be
- used to pay fetr ttiree ne*r pujbs.
The group bas /already bought ’

Dividends -shown pence pet share net except where- otherwise stated. ' and: is redeveloping the Lattice
•Equivalent after allowing for scrip issue, t On capital House in KtegsLymn. Itwpay-
increased by rights and/or acquisition issues. . r ing £65,000 46. buy 4he Kin??

■ . . . ’WaUara IVta Northampton- end

£>3,000 for tiie A lm a Brewery -In
Gantadge. whack also :has an

of deposit of £78m (£37m). The
because net holding rn government stocks
was £4m (£400,000) arid local
authority securities, all of the
variable rate type were £4&5m
(£50m).

• comment

After the misfortunes of Smith
St Aubyn, the results from

E. Elliott

reduces

loss

7«w iiott i niinn 'i mjufl ftSAi«ngoHcaTOn^

BANCO DEL PAClFICO

CnUVAUAlSJL

U.S. $25,000,000

MEDIUM TERM CREDIT FACILITY

mmearn

CHAS£ MERCHANT BANKING GROUP

AMERICAN EXPRESS BANK
INTERNATIONAL CROUP

BANCO MERCAMTB.YflS RfcD Lfl C . a .

THE FIRST UffnOIUAL BANK OF BOSTON

SHUHUTV PACIFIC BANK

OMBBMEDW

BANCO CAFETERaSJLO>A»AMAl BANCO BEUNRH6BAR6EHT1HR

CREDIT SUK5SE HHST CWCABO WWAIHAB.rt

— EHCABTmutlgRBALBABKArOAILAS

rona hotbed bv

AMBBCfiNBCTBBBIIEHMBnONM.BfiNKMG CO ffitiHAilUN
BANCO DE LA NAClON ARGaiTINA.

BANKEHS THUST COMHUfr
CREDIT SUISSE

THE HBSTNAramLRflJ^K OF CHICAGO

INTOTMATrnrJAL MEXICAN BANK LIMITED
— INTEHMEX—

I^BRlANDSEQRSHEXBANKOCRffiRGEASlNV

BANCO CAFETHtO, BA. (PANAMA)

BANCO MEnCANtlLYABBlCOLACAa
RANAMA BRANCH

THE CHASE MANHATTAN BA1VBC HA.

THE RRST NATIONAL BANK CF BOSTON

RRST NATIONAL SPITE BANK OFN9V«SSElS
cayman island branch

MERCANTILE WTIDNAL BAPK AT DALLAS
SECURITY HU2HC BANK

THE CHASE MANKATOTU BANK, HJL

Specialist international printers

Results for the year to 30 September

1981

1980

£000

£000

Sales

90,735

80,635

Profit before tax

5,008

4,895

Earnings per share

24.50p

. 26.06p

Dividends per share

S.COp

7.89p

Highlights from the Chairman's Statement-
$ Profits before tax Increased forfrfth successive year.

* Overseas profits before interest up 46%.

# U.K. profits before interest totalled nearly £4 million,
only 7% down on previous year despite impact of the
recession.

$ By decisive action to rationalise and close unprofitable
operations, the quality of our businesses is very much
stronger than it was twelve months ago.

Alastair MCCorquodale, Chairman

kvj-i’i ; • f'fcd A copy ofthe full report and accounts is&vailabla on

request from the Company Secretary,

ag fS NFCorqvodale anti Co. 41c/., MFCorquotfa/o Home,

15 CwendishSqimra, London W1M 0HT.

IMPROVEMENTS effected in E.
Elliott over the past 18 months
are reflected in the improved
trading for the six months ended
September 30 1981, say the
directors.

Taxable losses are reduced
substantially from £208,000 to
£24,000 while turnover is up
slightly from £2.74m to £2. 85m.

The directors of this optical
goods manufacturer and moulder
in plastic say they have decided
on a further phase of reorganisa-
tion which will incur substantial
expenditure in the second half
year.

They add that, although the
results for the full year are
likely to be disappointing, the
prospects for 1982-83 are en-
couraging, particularly if there
is an upturn in the economy.

The improved results were
struck despite reorganisation
and closure costs of £48300
(nil), and after depreciation of
£89,700 (£59,000) and interest
payable of £52,600 compared
with £79,000 previously. Again
no tax was paid.

No dividend will again be -
paid. The last payment was an
interim of lp net per 25p share
in 1980.

TAXABLE PROFITS of the
international financial services
group Mercantile House Hold-
ings more than doubled from
£235m to £6. 11m in the first half
to October 31 1981, and turnover
jumped from £15.85m to £31.7mi

This foil owe the acquisition of
R. J. Rouse, and Co— now
named Rouse Woodstock — and
the Cosmorex Group, though the
results only take into acount
two months figures from these
companies.

Mr John Rarkshire, the chair-
man, says trading conditions are
satisfactory at present and he is
confident that full year results
“will reflect these conditions.*'

With an increase iu stated
earnings per 25p share from lip
to 18.2p the interim dividend is

probably a fair bit' morei
Alexanders I*# .it* head .doyn ;

in the veiy ^.difficult' third ' No taxable profit . forecast, is
quarter and ' capatansed ' on, ' tbe offered ‘for - the ‘ year to January ;
fall in market rates, in -the last compared -wflh £29,00(HaA.

few numthg of the year;' just as year. ..-V.~-.-Vt'.-
importantly, it avoided , damag- ;■ Tbe dIre<h»ra Wtiiat “ daring
ing excursions into the . gHt- the .second badf, manage m e nt
©dged market So the,Decen*er 'aoanUUs dndfcate that bofli sates -

_ balaiMJe-iheet^wTO.a.inerB £4m rohanev and_-

Alexanders come as an agree- erf gilt-edged- stock— although ;il' ftoonfrig, of the,, same

able surprise. The company's Isa fair 'bet that Alexander fa asperiod- bast year* ^ z-~ r\rr .■

hidden reserves have- -risen lengthened its" booh:. 'siOgtrfly . The iifdxts are<jfEered;torfraie- -

despite a £Jm transfer into the since them . At .253p, up I8j> holders on the record, on^ January :

published general, reserve, so yesterday, the shares yieida Staid the fast date for acceptance-;

real net profits last year most solid-looking ll per centra the ^ ft: February 15. Brokers^ to’.'the

have' been at' least £2im and increased ifivldend, " - - feta* tae HH1 Osborne. ‘ ;

....... Dealings in Camra shares ta&e

place under Stock Exchange role
163 (2)' and there, were derfinta' .
iart yreek at lOftx The company :
hopes to be introduced m fte
Unlisted .- SectaMes - Market
following publication in Hatch -
overall a verage. Moreover, the ©f its amneri resoMs., - i

H

Mercantile Hse. leaps to £6m

iij.i

|T.l \

hK! “•

ing exchange rates can have on
profits, especially now that a
significant proportion of the
group's earnings and assets are
in currencies other than sterling:

They have therefore decided
to follow the exposure draft
issued by the Institute of
Chartered Accountants and deal
with profits and losses arising
from exchange rate movements
by adjustment to the 'group’s
reserves. This hajf year’s
results follow this policy and
previous- years’- comparative
figures have been re-stated. The
effect of this policy in tills half-
year has been to . increase
reserves by £424,000 f .

comment

As usual. Mercantile House's
being raised from an adjusted . figures are heavily distorted fay

2.5p to 3.5p net Last year a
total of 8.75p (adjusted) was
paid out of pre-tax' profits of
£7.3Sm and a one-for-one scrip
was made.

Tax took £3 22m (£1.44ni)

leaving net profits of £2.S9nx
(£1.4Im), and after minority
debits of £2.000 (£9,000) and
dividends of £613.000 (£352,000)
the retained profits emerged at
£2. 27m <£1.04m).

The directors say they have
been concerned for some time by
the distorting effect that fluctuat-

its acquisitions! track

purchases over the
months is made it lo

last

about 20 per cent.

trader . in agricultural

money broking side has
considerably .better than

Hardys and
Hansons lager
sales dull

Allied Textile pays more
despite static 12 months

AFTER INCREASES in lager
consumption going back for a
few years Nottingham brewer
Hardys and Hansons is ex-
periencing a swing away from it,
says Mr T. E. Forman Hardy,
chairman, in his annual review.
However with bitter at 41p and
mild at 39p a pint. In its managed
public house bars, its prices are
very competitive.

The company's expansion and

TAXABLE PROFITS and turn-
over of Allied Textile Companies
remained virtually static at
£3.11m and £29.9fm respectively
for the year to September 30.
1981, compared with £3.07m and
£29. 63 m. -

However, after a tax credit of
£590,000 (including a credit of
£139m for deferred tax no longer
required), against a charge of
£1.45m and an extraordinary
debit of £662,345 (£480,670) for
mill closures and reorganisation
costs, the available profit for
shareholders came through much

modernisation scheme, which higher at £3.03m, which emu-
brought about an improvement pares with £1.15ni a year earlier,
in general standards, was com- Along with a final dividend of
pleted in March 1981. and the 4.42p the directors are proposing
new equipment is working satis- a scrip issue on a one-for-ten
factorily. basis— -the scrip shares ranking

During 1982 the company will for the final payment This
open a public house which is raises the net total to the equiva-
under construction in Maftby in ] e nt of 6.9836p, against an
Yorkshire. In 1979-80 the com- ad lusted 6.5818p.
pany had a spate of opening new ni e pre-tax surplus included
public houses but there are now exceptional income of £31,003
fewer good sites available, caused ■ (£144, 19S).

Despite tmi general improve-
ment in trading conditions, the
group maintained its mid-year
taxable profits at £138m
(£1.27m)'.

to some extent by the reduction
in house building, Mr Hardy says.

Current cost adjustments
reduced the taxable profits for
the year lo October 2 1981 of
£2.51ra (£2.65m) — reported on

December IS — to £2. 33m. At the
year end shareholders* funds
stood at £19.21m (£8.65tn). Fixed
assets, after a revaluation, were
shown at £17.94m (£7.Sm). Invest-
ments and loans were £2. 98m
(£2J)5m) and, net current assets
came out at £536,000 (£638,000).

Working capital fell by £171,000

(£347,000; during the year.

Meeting: Nottingham, February, by 6.5 per cent to A$30.2m in

• comment

Allied Textile has some £ 12.7m
of cash in its latest balance

sheet, almost £6m more than was
there six months ago. and.it was
the adjustment to this change
that put 15p on the share -price
yesterday. At 173p, Allied is
capitalised at only slightly more
than the value of its cash; the
rest of the business is thrown
in for 33p a share, or around
£0.25 m. This might be thought
a nether ungenerous assessment
by the market, since Allied’s
consistent policy of loss elimina-
tion has helped to sustain one
of the more resilient profit
records in textiles over the last
three years. Yet the shares still
yield 6$ per cent, more than half
a point above the sector average.
The problem may be that ‘there
is no very clear idea of where
Allied is going, in the longer
term, or of what it is going to
do with its cash. Takeovers may
be the .way forward, bat until
Allied actually makes an acqtri-.
sition the pattern of its future
earnings will remain worryfcigiy
indefinite. A cash distribution * to
shareholders would resolve litis
conundrum, and might be the
eventual solution. But any move
of this sort would have to be
preceded by a green light from
the revenue.

Reckitt in Australia

PRE-TAX PROFITS of Reeldtt This continues the unbroken
and Colman Australia improved record of annual dividend pay-

16, noon.

Alton Pkg

the year to October 31 1981.

Mr L R. L. Harper, the chair-
man, rays there were special
factors which contributed to this
Jower-thaiHisual rate of increase:
abnormal items added only
SO. 69m to profits compared with
$2.14m a year earlier; marketing
expenditure increased signifi-
cantly, the full benefit of which

ment increases since it became
a public company m 1968. It is
proposed to make a bonus issue
put of asset revaluation reserve
in the ratio of one for 10.

In. the absence of unforeseen
circumstances, the directors
expect at least to maintain the
dividend rate on the increased
capital.

Mr Harper says (he new trading

PRE-TAX profits of Alton
Packaging Corporation, an
American subsidiary of the
Dublin-based Jefferson Smurfit
Group, were down from S4.B5m
to S3.91m in the final quarter,
but figures for the full year to
December 31. 1981 moved ahead
from SlS.97m to $19.25m.

Net sales for the year rose
from S334.34m to $362.i7m. with
S85.86rn (S84.42m.I coming in the

fourth quarter. The year’s tax

charge was slightly lower at capital expenditure ’in . upgrading the board believed thatlhelonK

— ^ refurbishing its major * — - - ■ ** "

factory complex.

It has been decided to raise
the final dividend from 7.25 cents
to 7.75 cents, making a total of
15.25 cents against 1425 cents.

will not come through until 1982 year has opened satisfactorily.,
and later years; increased com- Sales during the. year were
petitive activity in several of the 15.S per cent higher at $236m.
company’s principal markets, An extraordinary loss of $2. 13m
combined with an escalation of resulted from the sale of the
costs, and higher interest -rates group's waste disposal company,
and increased borrowings in Tins business had failed to live
support of another year of major up to earlier expectations, and

S7.69m (SS.49m), leaving net pro-
fits ahead at SI 1.56m compared
with 510.49m. There was a net
extraordinary debit of S2.09in
(52.69m) and this resulted in
net income emerging at S9.48ra

(37.8m

term interests of stockholders
would be best served by its sale.
Attributable profit, after the
extraordinary items, was 42 per
cent lower than In the previous
12 months.

SPAIN

January 25
Banee Bilbao
Banco Central -
Banco Ensrior ..
Banco Hispano ..
Banco Ind- Cat.
Banco Sanraridor
Banco Urquiio ..
Banco Vucaya ..
Banco Zaragoza

Drag ados

Eapanola Zinc ..

Foeaa

Gal. PreciadM ..

Hidrala

Iberduoro

Petroleos

Pctroliber

SogefUa

Telefonica ....

Union Elact .

PH*

% '+’ or •
3«3 -4
35* -6
313 -a
334 -3

ns

359 -1
217 -2
389 -6
Z31 -2
152 i-B
60
02

■48 f-4-2
67.7 1+0.2
82 - 1.2
97

28 companies wound up

to -2
72 — O.S
66.2 -0.3

Compulsory winding up
orders against 28 companies
have been made by Mr Justice
Slade in tire High Court They
were: Oriel, Marketing For
.Travel Corporate Management
Pl anning , Sinrpsons .of Wembley
(American), Hagmans Chemical
(UK). Montrose House, Indus-
trial Factors, Hornstay Estates,
Globe Storage, Environ Engin-
eering Services, Troylane, Anglo
Sardinian Tours, Hadonclen,
Hemisphere Hobdays, DF.NJL,
Mead Transport, Togglechoice,
Evenflo.

Stateside Import and Distribut-
ing, Jewel tone, North West
European Leisure Supplies,
Wyndsham, Bowker Brothers
(Clothing Manufacturers), Con-
tract Abrasives, P.G. Designs.
(Wolverhampton), Fine Foods
(Enfield), Prowlbarr Contractors,
and S. D. Signal Processing.

Compulsory winding up order*
made on January 18 against
Charles Cox (Subsidiary) and
John Read and against Crown-
mart on January 11 were
rescinded and the petitions dis-
missed by consent, . .

W&tiiam Street broking -business V
in ihe TXJS. '-has been . sbowdng
strong gronriftL By contrast, quiet
commodity markets mean that
the coatribottan from Rouse has
turned down, Never&eftess, the
-g rou p etifi plans to expand
its commodities business
ag gre ss i vely .. and dtven riffl oaitaop
on this areia is pnfiwMy the maim
reason that it as rated below
Era) Intema&cHiaL Mercantile
should make £13m thfe year,. with :
the Far East likely to produce;
growth in. money braking
sribeeqnwtay. The shares race
20p to 4fl0p. yesterday, prwtadng
a prospective p/e of about 12
ftiBly taxed. *

si! i

£0.48m m red

ON TURNOVER lower ta
£L3.18m, compared with OAMm,
Home Brothers, general oet-
fitter, fiiusbed the ' year itp
Septembers 1981 £477^66 jn flte
red at the pre-tax lev^againsta:
profit of «0,00&

. Stated . loss
107.5p(11.7p

dividend is maintained"

■riiare— all the Issued i .

tal is privately held -The' car*
pajjy has close status. -

I'Si

:

8 .
f

LONE

lan. as

ION

Total C

A

tm

ontraot

>ril

IDEE

8,671.

Ju

> Of

Calls 1
& .

mo

IjOTT.

C

HSi

*uts 4W
let.

“•*’ * '■ *

f

f Option

DrirdM

price

Closing

offer.

VoL

Hosing

offer

VoL

Cfoslni

offer

Equity
■j clota —

BP (G)

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26

5

34

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530

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14

19

1-

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280

12

59

16

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500

94

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120

23

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150

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27

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140

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420

52

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64

■

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452p

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460

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.60

500

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16

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420

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460

27

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60

24

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70

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18

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80

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360

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380

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300

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Minis’

psnsss

- I

M. J. H. Nightingale & Co. Umited

27/28 Lovat Lane London; EC 3 R 8 EB . Telephone UT -621 IZ 12

1S81-82
High Low

.121 100
75 62

51 33

203 1B7

104 82
129 .97.

to .39V

.78 48.

102 : 93

105 100

tra ■ as

.130 108
334 250
■* 59 61

222 167
15 fO
80 66
44' 27

103 75
263 212

CsintnB^!

ABJ Dldgaj 10o& GUL5

Atrapning •

Annitaga a. Rbodas

Banian Hill

Deborah. Sarvicaa

Frank. HoreNI

Frederick Parhar
.George Blair *.
IPC

•i - P/E

■ : ’ Qnsa* Ylald - . Fully
Price Cbttiga' -dlv^p)- % Aetna! taxed

12 f -i-'''

<7-’ %B.. T\JO 15i
. 4S AS &A 3-8 8 jS.

2ia wr w 12.0 -

82 ;.- 7 — . . ;6;0 7.3': ~ 4.1- -7,7"
'129 . , _5JO -UJj 23A

■» r 42 - 33,0 . - —

tsia Con*. Pnt,
Jackson Group
James Burrough , —

Robert Jenkins . .

Scruttona "A*'-
Torday-& Carflsfa
Twinlodk'

TWirrlock ififw- npj- -
Unilook Holdings m.V
Walter Atelandar.

W. S. Yeetfii

Priest iMw avauabis

-. — . 73 -7j8 '

*S3»>

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J3flpiy26 1982

■' NEWS

21

APPOINTMENTS

outlook

ALTHOUGH- THE . _

remains as St was ~12 mont&s
previous, in tfte-.aigbt 'of . 1|Se
year’s recovery; the directors' of
Davenports Brewery (Holtfings)
are confident the . company vriU
sustain a steady rate of: improve-,
meat- in .tiie . future, - Mr J. G.
Swanson* chairman, teHa
members in his annual review. :

He adds . that ifaer. group = is
dstexminedritxr secure, -continuing
rates' of growt h across its range .
of activities “a* the general
economic climate a£Lqws."

Pre-tax profits Joe the. year
ended October 3 lSSi expanded
£rdm£9S5,000to a.reeord.£1.64m.
as /reported on Decenjfbei* 19. The
, figures included much lower
profits, oh the ^afle^ of ‘properties.
Of £99,000 .against - £234J)0 f and
also lakes into • ' - account
redundancy and' -- compensation
costs of -£83,000, : -

Against . a background - of lost
trade, foSawingv £bo ■ five-week

«“*•«* the 1879-80
- r-t> *™ the economic recession
. thh^o«npaiiy’s licensed house
ssctxt r bad a difficult year in
: terms of volume sales, but has
succeeded In achieving valuable
T pxpfit jgrowtbt the chairman
states.

D avenportg continues in a
sound financial position, he
states. Despite the need to
finance the return to normal pro-
auction after the end of the 1979-
©0 strike, the net outflow of cash
the year was held to
£132,000, this being well within
uie company's hank' borrowing
facilities."

•As at October 3 last 1&e
balance sheet shows share
norderss funds well up at
£i8.44m compared with £l0.43m,
reflecting a revaluation of fixed
assets. Net current liabilities
stood at filJMm (same):

Meeting, Birmingham, February

- Sfr,;
»hi

With effect from the close of
business on ianuary 26th, 1982
Hill Samuel's Base Rate tor lending
wM be reduced from 14^ per cent to
14 per cent per annum.

Interest payable on the Bank’s
Demand Deposit Accounts will be at
the rate of 12 per cent per annum.

Hill Samuel & Co. Limited

■ . 100 Wood Street, tendon EC2P 2A1

‘ Telephone: QI-628 8CQL

Meggitfs

losses

accelerate

TAXABLE LOSSES of Meggitt
Holdings increased sharply from
£40,489 to £516,352 for the year to
October 32 1982 following a drop
in turnover to £3-64m. compared
with £7 .21m. The company had
already fallen into the red at
mid-year when a deficit of
£276.000 was reported, against a
surplus of £90.000.

With the full year loss per 5p
share emerging at 11.4p (2L9p
earnings) the final dividend, tike
the interim, is being passed — a
total of 0.84p net was paid for
1979-80.

. -The toss wa« subject to a tax
credit of £23,722, against £64,302,
leaving the net deficit at £492,640,
which compares with a profit of
£23,813.

On a GCA basis the attribut-
able loss came through at
£629,000 (£110,000).

The company, based in Hamp-
shire. is a machine tool
distributor.

Receivers
appointed to
J. & J. Couch

Receivers and managers have
been appointed to J- and J.
Couch of Penzance, Cornwall.
They are Mr Roger Harris and
Mr Bill Ratford, partners in
chartered accountants Peat,
Marwick, Mitchell and Co.

Mr Harris said the company,
which manufactures petrol cans
and other motor accessories,
would- continue to trade for the
time being, while a buyer was
sought

Palmerston Inv.
lifts interim

PRE-TAX revenue of the
Palmerston Investment Trust
rose from £120,532 to £130,071
in the first half ended Septem-
ber 30 1981.

And the interim dividend of
this property investment and
dealing trust is being raised
from 0.5 94p to L0p net per 25p
share. Last year a final of L41p
was paid.

Carroll chairman warns
of gloomy years ahead

Mr Dan&l Carroll, chairman of
Carroll Industries, tbe Dublin-
based cigarette and tobacco
manufacturer, tells shareholders
in his annual report that
prospects for the Irish economy
and for tbe group look “very
grim indeed ” for the years
HnmednateJy ahead.

Although the financial
condition . of the group is
extremely strong, mainly as a
result of the directors’ recogni-
tion that heavy reliance on
borrowed capital must be
avoided in deteriorating
economic conditions, the chair-
man says a much more severe
recession in the domestic
economy must be anticipated
since this is the only course
which, can avoid an accelerating

coNapse.

He says the directors will
continue to preserve the
financial state of the group and
to direct investment towards the
lands of activities which win
best contribute to, and benefit
from, an eventual recovery in
the Irish economy.

Further to the proposed
reorganisation of tbe group’s

associate Fielder est Ireland
(reported on December 15 along
with the preliminary results for
the year to September 30 1881)
the chairman says tbe scheme
will require the investment of
an additional I£ 20 m by the
partners.

It wall also entail a slight
change in tbe shareholding and
give control of tbe company to
the Irish partners — Carroll’s
a p proximately 26 per cent and
the Bank of Ireland approxi-
mately 25 per cent — a manage-
ment reorganisation within the
company and a rescheduling of
bank debt and additional state
assistance.

The pfrf iT Tnan says that
Carroll has asked tbe Bank of
Ireland to grant it an option over
its shareholdings and to state
terms upon which it would have
a right to purchase that interest
If the option was exercised
Fietdcrest Ireland would become
a . subsidiary of Carroll
Industries, he aids.

As already known, under the
scheme Carrolls will inject £5m
into Fieidcrest Ireland, approxi-
mately £2m tins year and, subject

to specified performance targets,
approximately £3m in 1983.

Commenting on the group’s
results for the past year the
directors say that the tobacco
division increased its market
share to over 54 per cent and
achieved a small increase in the
volume of its domestic cigarette
sales. In pipe tobaccos the
company's share of the domestic
market was little changed at
31.6 per cent (32.3 per cent) but
as a consequence of the addi-
tional duty imposed on tobacco
products the group’s duty paid
on domestic tobacco sales
amounted to £B6xn in 1981,
compared with £69m in 1980.

Group historical pre-tax profits
for the year advanced from
£6. 65m to £8. 9 9m on sales of
£18L58m, against £13&4Sm.

At year mid shareholders*
funds were higher at £35.61 m
(£25 .76m) and net current assets
totalled £14-8 5 m (£102m).
Rothmans International Invest-
ments is shown as bolding 19 - 2 m
ordinary shares (40 per cent) at
year end. Meeting, Dundalk,
February 15, 11 am-

Strong growth for Manulife

■ a . . ■*-;

Banco Ambroamno (Overseas) Limited, Nassau

and

Artoc Bank and Trust iiniitedy Nassau

.../ Are pleased to announced^ their respective shareholders
are considering a merger of the two organisations. It is anticipated
that this merger might be completed duringthe coining months and
thereafter theriew bankwiEegmbark on a programme of major
-business expansion in Europe, North Africa, Bahrain and the
Ear East. * ■' ••

y

'?VScdmtbaRBttbltmeilK<tmtpB^iMtterettnln^*ttfthe:a>airitfTkeSuck£xdmee.
IldaesBttcmsBWe&iirt&d&to&piibfetotibxnfeftx-erpurciBsc any Sponsor JMxBtxnz,

ALEXANDER & ALEXANDER SERVICES INC.

(, Otoarpotateila»lerM^i>f^5tateofy^at^OaudS6Sat^AMtAcL 0

Authorised -

40,000,000 Shares of Common Stock

(U,S.$1 par vaineper Share)

Issued, tobeissoed and
reserved for issue at
10thDecember;1981
29,263,565

Issue of uptoTJ-S. $275,050,000 11% Convertible
Subordinated Debentures Due 2007

AH the above 29,263,565 Shares of Common Stock and U.SS275J)50 t OOO
Ddjentores have been adnrittedtothe Official iistbytheCtounril of The Stodc
Exchange.

■Upto5,768,000oftheSharesanduptoU.S5275,050,000oftheDebentaresmay

be issued as consideration undertbe Offers on behalf of Alexander & Alexander

SeiyicesInc.farthesharecapitalofAlexandeiJIowdenGroiq)Iiniited.

Particulars relating to Alexander & Alexander Services, Inc. and to the
Debentures are available si the Extd Statistical Service. Copies of the statistical

... * J . ■ — t ' — — - — —

excepted) up-to andinduding9th February, 1982fram:

IntemiSttal^ncorp’wSn^

SaS'bST*

London, £C2N 2HB

London, EC2M 7AQ

2fth January, 1982

. deZoete&Bevan,

25 Rnsbmy Cir cus,
London, EC2M7EE

STRONG growth last year in
most sectors of the UK life and
■pensions market was achieved
by the Manufacturers Life
Insurance Group. New annual
premiums advanced nearly
one-quarter from £5.04m to
£6.18m while single premitans
were - op nearly three-quarters
from £&39m to £4.11m.

The strongest growth came in
the company's linked business
where annual premiums rose 47
per cent from £L44m to £2.11m
and single premiums doubled
from £L53m to £3. 11m,

Tbe group fully participated
in the boom last year in the
seif-employed pensions market.
New annual premiums advanced
15 per cent to £L03m and single
premiums doubled to £380,000.
But executive pension business
fell last year, reflecting the
effects of the recession, with
annual premiums down 11 per
cent to £820,000 and single
premiums halved to £260,000.

On ordinary assurance
business, annual premiums on
conventional whole life contracts
moved ahead over 40 per cant to
£L71m and term business by
two- thirds to £80,000. But annual
premiums on conventional
endowment contracts came back

nearly 20 per cent to £430,000.

ManuLife Group has embarked
on a programme of growth this
year with new bonus scales new
linked life and pensions
contracts and funds, and an
expending sales force, plus
special discounts on prenzhans,
or higher bonus rates . for
non-onbkers.

Record new business is
reported by Imperial life
Assurance for 1981, its Golden
Jubilee year of operations in
the UK New annual premiums
were nearly 30 per cent higher
at £7.Sm and single premiums
rose by more than 70 per cent
to £2.3m.

Unit linked business was
buoyant with annual premiums
up by half to £L2m and single
premiums by more than half to
£L9m. Individual pensions busi-
ness had a 50 per cent increase
in annual premiums to £900,000
and a 100 per cent rise in single
premiums to £400,000.

Annual premiums on tradi-
tional life business were
unchanged at £3.9m. Group
pension business rose dramati-
cally following the formation of
a brokerage operation with
premiums advancing from
£400,000 to £L5m.

Tbe company's individual
permanent health insurance
premiums were unchanged at
£300,000. .

A slight increase last year in

new annual pr flmiums from

£10.4m to £3 0,5m is reported by
the Colonial Mutual life Assur-
ance Society. Ordinary life
premiums rose 8 per cent to
£8-6m, but this was offset by a
drop in pensions business of
15 per cent to £2.7m.

The National Mutual Life
Association of Australasia saw
its annual premium business in
the UK increase by over 30 per
cent to £2.68 m, while new sums
assured rose 18 per cent to
£146m.

The company has lifted its
bonus rates tills year by moving
on to a super-compound system
of paying higher bonus rates on
attaching bonuses. The rate on
the sum assured re mains at £4
per cent, but the rate on attach-
ing bonuses is improved 50p to
£4.53 per cent. On pension busi-
ness the rates are £4£0 per cent
of the basic benefit plus £5.80
per cent of the attaching
bonuses. Terminal bonus rates
have also been increased.

New managing director
for May & Baker

Dr Keith W. Humphrey*. ■
currently joint managing
director of Ciba-Geigy (UK),
will be joining MAY AND
BAKER on March 1. He will
succeed Hr L k Heath who
retires as managing director on
July 1. Mr Heath wall remain a
director of May and Baker, a
Bhone-Pouienc company.

*

The board of Governors of the
BBC has made the following
appointments ; Mr Aubrey Singer
to be managing director, televi-
sion, and deputy director-
general, Mr Richard Francis to
be managing director, radio; Mr
BUI Cotton to be director of
programmes, television, and
director of development; Mr
Michael Checkland to be director
of resources, television, and Mr
Alan Pro the roe to be assistant
director-general.

Mr John E. Mountford and
Mr Roger G. Sherwin have been
ap pointed to the group board of
STATIC SYSTEMS GROUP,
Wombonme.

★

Mr Tom S. Blunt bas been
appointed managing director of
COLOUR COMPOUNDING.

★

Mr C. R. Alcock and Mr R-
Templeman have been appointed
to the board of GREENWOOD
DEVELOPMENT HOLDINGS.

★

Mr Anthony Fearn has been
appointed a director of GOOD
RELATIONS (CORPORATE
AFFAIRS). He was previously
European public affairs manager
for Kaiser Aluminum and
Chemical Corporation.

★

THE BARDEN CORPORATION
(UK) has appointed Mr S. Noss
to the board following flbe retire-
ment of Mr E. J. Karkut Mr

M. R. Douglas has been
appointed financial director. Mr

N. A. SL Eastwood has resigned
as non-executive director.

★

Mr Alan Poole has been
appointed marketing director of
ASHVILLE, the privately owned
property development and
investment group.

Mr James T. EsfaJJ wail
become company secretary,
NUFFIELD NURSING HOMES
TRUST on February 1. •

★

THE IVEAGH TRUSTEES has
appointed Mr Charles Sherwood
Mr Alan Church and Mr Michael
Hutchinson to the board.

*

Mr C. F. Fowler will succeed
Mr John Haggis as managing
director of NEWMARKET
MICROSYSTEMS, a member Of
the Cambridge Electronic Indus-

tries Group, on February 1. Mr
Fowler joins CEI from the
British Technology Group where
he was assistant divisional
director of the computer and
electronics division. Mr John
Haggis w4H become managing
director of Pye RF Systems,
another CEI company, on
February L ^

Mr Alan 6. Johnson bas been
appointed com any secretary of
RENTOKIL GROUP and its UK
subsidiaries following the pro-
motion of Mr K. A. Bridgman
to group managing director at
the end of last year. He was
appointed a director of Rentokil
in 1972.

★

Mr John S. Fraser has been
appointed corporate m an ag in g
dWtor, CIBA-GEIGY PLASTICS
AND ADDITIVES COMPANY, in
succession to Dr Humphreys. Mr
Fraser will retain his existing ■
responsibilities aa head of the
Ilford Photographic Group and
a member of the board of CUBA- ,.
GEIGY (CK).

★

Mr Richard S. Gothard has
been elected Master of the ‘
WORSHIPFUL COMPANY OF
FRUITERERS for the ensuing
year. Mr Gothard is chairman
and managing director of the
Gothard House Group,

★

Mr Charles Maekay and Mr
Alex Stitt have been appointed
to the board of CHLORIDE
GROUP. Mr Maekay is chairman .
of overseas operations and
joined Chloride at the end of
last year from Pakhoed Holding,
Rotterdam, where he was durir-
man of the Paktrans division.
Mr Stitt is an Australian and
has been with Chloride since
1955, and is currently chairman
of American operations.

★

Sir Christopher Foxley-Norris, '
who became chairman of the
LEONARD CHESHIRE FOUN- )
DATION in 1974, will be 1
succeeded by Mr Peter Rowley •
in May. Mr Rowley has been ‘
honorary treasurer for seven
years. Sir Christopher will }
become chairman emeritus.

★

Dr Jack Birks is to be
appointed a non- executive *
director of GEORGE WIMFEY •
from April 1. He joins Wimpey
from British Petroleum where :
he bas been a managing director r
since 1978. He has been closely
involved with Brown and Root- •
Wimpey Highlands Fabricators
at Nigg Bay.

★

SPEAR AND JACKSON
(TOOLS) has appointed Mr Bob
England UK sales director. He
was general sales manager.

(Advertisement!

OAI-ICHI KANOVO BANK

DKB ECONOMIC REPORT

January. 1982: VoL 11 No. 1 ■

Japan’s economy in FY 1982 will see stronger
home demand, but growth will remai n slow

not necessarily in perfect
shape.

First of all, its expansion de-
pended primarily on external
demand in the absence of
strength in personal consump-
tion and corporate capital in-
vestment Of the real growth
rate of 3.4 per cent during the
first nine months of the year,
2.6 per cent was attributable to
exports and other overseas sur-
plus, with domestic private de-
mand accounting for a mere
0.06 per cent.

Second, last year’s business
recowry was imbalanced. In-
ventory adjustment in assem-
ble- type industries progressed
generally smoothly, but that in
Industries producing baric
materials lagged. Capital in-
vestment by big corporations
was strong but that by smaller
enterprises was contrastingly
weak. Imbalances also per-
sisted among different geo-
graphical regions.

Corporate results reflected
such a sluggish recovery, with
pre-tax recurring profits re-
cording a sharp 19.4 per cent
drop in tbe six months to Sep-
tember, 1981, from the preced-
ing six months.

External environment for fiscal
1982 econom y

With the UB. and European
economies likely to remain in
the doldrums in 1S62, there
seems little likelihood of a
sharp markup on qrude caL Ja-
pan’s import price of crude in
fiscal 1982 is expected to
average $38 a barrel on a cLf.
basis, up 1.9 per cent from
fiscal 1981.

Domestically, given the man-
date for fiscal rehabilitation
through reduction of debt-
financiug bonds, fiscal policies
will play a severely restricted
role in the new fiscal year’s
economic management Fol-
lowing the December 11 dis-
count rate cut by 0.75 percen-
tage print, money is likely to
remain relaxed.

Shape of fiscal 1982 econom y

The Japanese economy looks
likely to keep on a gradual re-
covery path, but factors for ex-
pansion will be somewhat dif-
ferent from those of tbe past
year.

Exports, which served as a

driving force in the past years
economic recovery, will slow
down sharply in the growth
rate — perhaps to .4-5 per cent
over fiscal 1981. Reasons for
the slowdown are the lagging
recovery of world economy,
rising trade frictions with other
industrialized countries suffer-
ing from high unemployment,
and decline in competitiveness
of Japanese products owing to
appreciation of the yen.

The size of the fiscal 1982 na-
tional budget offers little hope
for a role to-be played by fiscal
expenditures. Public- works in-
vestment, in real terms, in
particular, is scheduled to be
cut back from the current fiscal
year's level, resulting in a de-
crease of 3 per cent or so in
public fixed capital formation

Gn>i5 national rowvii Hires (nominal)

Gross rational oirpendnures (rml) I

DewsNt private dtroand

Private final consumption expenditures .

Private plant and equipment Investment .

Public espenflliures \ .........

Government final conwmpfi
pLtrfrf capital expenCihirBs .

Experts etc.. ....................... ........

Imports etc . ................................

Mining a. MantnacturtNe production f reference)

The Japanese economy in
fiscal 1982, starting next April
1, is likely to continue to gradu-
ally recover, hut ingredients of
growth will be somewhat, dif-
ferent from fiscal 1981. First,
exports will be growing at a
lesser pace because of inten-
sifying trade frictions. Second,
fiscal policy will be playing a
minor role due to budgetary
constraints. On the other hand,
however, stability of prices will
favorably affect personal con-
sumption and, consequently,
will lead to recovery of capital
investment by smaller enter-
prises. Fiscal 1982 economy
thus will be characterized by a
stranger domestic demand than
in fiscal 1981, although the eco-
nomic growth rate as a whole
will remain almost the same at
slightly over 3 per cent The
current-account surplus, mean-
while, is expected to continue to
run a huge surplus.

Economy in 1981

Japan’s real GNP growth in
1981 registered 3.0 per cent in
the first quarter, 4.8 per cent in
the second quarter and 2.4 per
cent in the third quarter, re-
spectively, from the preceding
period. Tliese figures attest to a
moderate expansion of the
economy.

Prices continued basically
stable throughout the year. Ad-
vances of wholesale prices re
mained slow, lea ring to an
equally calm movement of con-
sumer prices, which also bene-
fited from moderate rises in
labor cost. In November,
wholesale prices stood at 1.6 per
cent -and consumer prices (in
Tokyo) 33 per cent ahead of a
year earlier.

In the balance of payments,
trade balance kept running a
huge surplus .each month due to
strong exports of machinery
and s low imports of raw mate-
rials . The current- account bal-
ance as a result turned into the
black in tbe second quarter,
averaging 9660 million at a
monthly rate, which grew to
$780 million in the third
quarter, and $1,500 million in
October.

Despite these seemingly
favorable performances com-
pared with other industrialized
economies, the Japanese
economy in the past year was

London Branch: 5m Boor. PSD BWg, Leadenron saeet London ECoV 4PA. EngiarxiTa. ov3£K<923 _

London Subsidiary: DaUdil Wangyo International Ltd, V3, CoStegs-HS. Lonocs) EC4R 2RA, England TeL 01-248-7021

Lumlun ftjinrinfrt rnmpmintr iVTTrintml fepanese Pnnlr (Inrmnirnr i ri F"T ,n ■ h

Haad Offlcfc 1-5, 1-chanie, Ctiiyoda-ku Tokyo 100, Japan Tet ItCl 596-TT11 Branclw and Asendos st New ■'fork,

Chicago, Los Angeles. Parent, DiGSSictot, Taipei, Seoul, Srfigapofe Representative Offlew rt Houston. Toronto. Sao Pa uta,
Mexico dy. Caracas. Buenos Aires. Frankfurt. Paris, Madrid. Bahrain. Jakarta, Kuala Lumpur. Sydney SubsuOartos ab Los Angetes,
Wwrfam, 7unr.fi Hong Kang Acaodatod Companies at; Rio de Janara tircrntwg, Hong Kong, Bangkok, Singapore,

Kuala Lumpu F , Jakarta, Manila, Melbourne, Sydney

higher than in fiscal 1981. With
consumer price advances ex-
pected .to remain moderate,
consumption expenditures after
inflation wiD rise by about 3 per
cent, up sharply compared with
0.3 per cent for fiscal 1980 and
an estimated JL1 per cent for
fiscal 1981.

As for bousing, the worst will
be over in the new fiscal year,
but for a variety of inherent
reasons, including land prices,
the recovery will be a modest
one, with the rate erf increase
slopping short of 5 per cent in
real terms. •

Private capital investment
which slumped in fiscal 1981
owing to sluggishness in spend-
ing by smaller businesses, is
expected to pick up in fiscal
1982 as domestic private de-
mand will stage a moderate re-
cover}'. leading to reinvigora-
tion of smaller businesses’ in-
vestment Investment aimed at
new product development and
higher efficiency remains
strong in tbe meantime. All in
all, private capital investment
in fiscal 1982 will rise by 4.6 per
cent in real terms.

As for private inventory in-
vestment. considerable pro-

Prices

Wholesale prices are ex-
pected to maintain a calm
trend in tbe new fiscal year due
to stable overseas commodity
prices with a basically strong
trend of the yen in store. Their
advances during fiscal 1982 will
average 1.8 per cent, compared
with 1.4 per cent for fiscal 1981.
Consumer price advances will
also be moderate, with fiscal
1982 average expected to reg-
ister 4.2 per cent or so.

Balance of pa yments

Japan's exports in fiscal 1982
will reach S167 billion, up 9.2
per cent from fiscal 1981, and
imports $137 billion, up 7.6 per
cenL Trade surplus will thus be
S30 billion, resulting in a cur-
rent-account surplus of $ 12 J>
billion.

According to the DKB’s out-
look. fiscal 1982 economic
growth at 3.1 per cent is to fall
short of 4 per cent for the third
consecutive year. (The three
years' average will be 3.3 per
centi. In the aftermath of the
two oil crises, the Japanese
economy appears to have come
closer to a slow-growing and'
matured type of economy like
other advanced countries of the

Outlook for Gross National Expenditures
..CYaor.fcvyMc percentage dunges. seasonally adm$ ted figures in parentheses)

fyiw>

FY ini (proviuorul)

FY m2f estimate)

- ISTIUtff

2nd bait

lsi hall

2nd ball

7.7

S.9

(

SJl

(

681

6.6

«

641

1

6 61

3.7

33

(

3 71

(

2.61

3.1

r

3.1J

t

3.41

OS

0 6

t

0 4)

{

2.41

37

i

4-3 1

(

3.0)

0-3

1.1

t

O.Oi

t

2.11

10

i

331

(

2.0)

—10.1

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i

9.81

t

531

57

1.1

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46

t

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SOI

on the GNP statistics basis.

Private domestic demand, on
the other hand, looks likely to
grow faster than in fiscal 1981.

As for private final consump-
tion expenditures, wage raises
to be negotiated in the .coming -
spring round will likely be
smaller than last year’s 7.7 per
cent (as surveyed by the Labor
Ministxy). This projection is
based on the recent slowdown
of corporate earnings and a low
rate of inflation.

On the other hand, tbe ex-
pected gradual recovery of
business will result in a higher
increase in overtime worked
and bonuses, and i m provement
in employment situations,
while independent businesses
will also fare better. All these
trends will work to boost per-
sonal income at a faster pace
than in fiscal 1981.

As a result, private final con-
sumption expenditures will re-
cord an increase of 7 pa- cent
or so before inflation, slightly

gress in adjustment bas been
seen in' basic materials indus-
tries, such as petroleum and
coal products, and paper and
pulp, where inventory hang-
ova was heavy. In the new
fiscal year, moves for inven-
tory buildup, if moderate, will
show up as final demand picks
up.

Overall, prospects for the
economy in fiscal 1982 are for a
nominal GNP growth of 6.6 per
cent, up from 5.9 per cent esti-
mated for fiscal 1981. After in-
flation. however, tbe growth
rate will be 3.1 per cent, which
is even lower than the pro-
jected 3.3 per cent for fiscal
1981. The Government's projec-
tion of a 5.2 per cent real
growth in fiscal 1982 is hardly
achievable.

West The most important chal-
lenge facing Japan in fiscal
1982 is adjustment to such a
slowdown in growth. For one
thing, this will require thorough
elimination of budget and ad-
ministrative wastes. Another
requirement will be continuous
efforts for strengthening corpo-
rate resources — technological-
ly. financially and otherwise.

Another task facing Japan is
to smooth out its trade relations
with the U.S. and West Europe
which have been badly strained-
owing to tbe sharp rise in Ja-
pan's exports and sluggish im-
ports. With Japan’s share of the
international economy growing
steadily, maintenance of har-
mony with the rest of the world
is essential to secure its stable
growth.

ft Wfe have your interests at heart

Sj E3AI-ICH1 KANGYO BANK

The next DKB monthly report will appear FA. 26.

Financial Times .Tuesday January 26 -1982

MINING NEWS

BIDS AND DEALS

Inco Indonesia to drop
nickel output by 50%

BY KENNETH MARSTON, MINING EDITOR

“^SSSSTO "V’ORLQ markets
fsic-:ei nave 'KW farced
■:^-3 s :nc& -o make a 50 per
cn-. cu>iback in p/Gducdcn at its
•-M subsidiary, Soroako.

TIms foiiiiws the closure of Inco’s
Icss- maklng Guatemalan complex
and reductions in output at the
company's big Canadian opera-
tions.

Soroako has been producing at
an annual rate of about 45m
pound of nickel matte, compared
with a design capacity of 75m-
SOm pound, .using two of three
production lines. As from
February 1, one of the two lines
-.viU be closed down, reducing
19S2 output to some 22m pound.

Orders from Japan for 30m
pound of matte will be met from
the reduced production supple-
mented by drawings on the stock-
pile at Soroako.

The US$1 bn (£537m) Indo-
nesian operations made a delayed
start-up in 1977 after technical
and mechanical problems and,
as a r J'.rc? p.--. -.-’’.c lien-line epera-
seemef twined to become
: .ir^. largest nickel
r-ducer .'.c..*nd Canada and
New Caiedonia.

Inco hopes to return Soroako
to a two-line operation soon and
eventually resume development
towards the originally planned
three-line capacity. The latest
cutback has been deferred as
long as possible in the hope
ma- os -.'■•ruld im-
:.v n rf the

BOAS3D MEETINGS

TFie !a!! owing companies haws
r.ouifei of board meetings to

*.:g Sack «<chanps. Soch meetings
eii usually held for the purpose of
considering dividends. Official indica-
tions ere not available as to whether
dividends ere Interims or finals and the
subdivisions shown below are based
mainly on last year's timetable.

TODAY

Interims: Sidney C. Banks. Davy
Corooration. Hambro Trust. Mecsrthys
Ptic-aateutica's. Benjamin Priest.

F>nals: Ashdown Investment Trust.
Durc!>jr. Ventage Securities.

FUTURE DATES
Intvr-i-is: —

Fnnljsh Association Fab 5

" is-tfr'tt’t Feb 10

"r-n Consolidated Mines Fab 15

Wiggins Jan 28

Finals: —

Ladies Pride Outerwear Feb 9

Olympia (Redacre) Jan 28

Romney Trust Feb 19

be expected to show a very

heavy loss.

Apart from reflecting the
difficulties now affecting all
nickel producers, the company's
results will contain a S220m
writedown of the Guatemalan
nickel operations.

Inco also recently decided to
pull out of the loss-making
electric battery business which
lost S234m and is now valued
at some $460m. This will mean
another heavy writing down in
the fourth quarter.

Mary Kathleen
dividend, bnt
earnings drop

. .n: l.i ope: nth g

as:?, but ..as meet big
interest charges. Even after a
debt rescheduling, the sub-
sidiary's external debt at the
end of last year was in the
region of $300m, while the

external interest charges were
about $59 m.

LII--e the Guatemalan venture,
■ Indonesian operation is
•' ?r late ri tic nickel
• - !t s vrttich require heavy
-«-»«iTles cf power. But some
50 per cent of the electric power
for the furnaces at Soroako
comes from relatively inexpen-
sive hydro-electric sources
whereas the Guatemalan opera-
tions were dependent on otL
The irony of the situation is
that Soroako has a ready market
for nickel matte in Japan where
* H e further nickel refining tmv
'"4 re-rieri nut. Inco is un-
“*' , e fn sunn i" the Japanese
m nvA for matte from its
r ’-- adlan ooeratirms because of
O.-'ada’s requirement that the
rntal refining process be carried
out at home.

Meanwhile. Inco’s 1981 fourth
quarter results are due to be
released on February 1 and can

THE Rio Tinto-Zinc group's
Australian Mary Kathleen
Uranium has now repaid loans
from its major shareholders,
CRA (51 per cent) and the
Australian Atomic Energy Com-
mission (41.6 per' cent), and is
dedaring a modest'dividend of 2
cents (lJTip).

Earnings for 1981 have
dropped to A$L74m (£L02m)
from ASll.IGm in the previous
year. However, the latest

figure is after deducting special
" laimy in

items of AS5.08m, mainly in pro-
visions for site rehabilitation
and other related close-down
costs.

Production of uranium oxide
wa« slightly lower last year at
824 7 ‘onnes against 834.5 tonnes.
Despite severe disruption of
uranium deliveries arising from
onion disputes at the docks, a
resumption of shipments late in
the year allowed planned sales
levels to he met Stocks are
being increased to meet
deliveries beyond the mine
Operating period.

Zaire’s gem cutting plans

Ray Maughan looks at Rowntree’s bid for Huntley

Scrapping for a tasty

*

. t‘

0

THE CONTESTED £75ffi bid by
Rowntree Mackintosh for
Huntley and Palmer sets the seal
On a 10-year flirtation. The big
confectioner, second In the
sweets table to Cadbury
Schweppes, has been nibbling at
shares in Huntley and Palmer
since 1972, when it first set Its
sights on an expansion in
groceries.

Rowntree started serious mar ,
riage talks yesterday with a 23.8
-per rent stake in the former
Associated Biscuits Manufac-
turers’ group and is now plan-
ning to issue 18.3m shares,
topped up with £27.4xn in cash,
to buy the Peak Frean, Jacobs
and Smiths Crisps group. Its
terms are one ordinary share
and 150p in cash for every three
Huntley ordinary shares. A loan
note alternative is to be offered
in place of cash.

Dr. Keith Bright chief execu-
tive at Huntley since mid-1977,
admits that “we must have been
regarded as a tasty morsel for
somebody.” Bat while Rown-
tree had been pushing Huntley's
shares around its plate all those
years, the reported buying' of
Huntley's shares by Allied-Lyons
just before Christmas helped to
decide the Kit Kat, A*ter Eight
and Quality Street manufacturer
that the time was right accord-
ing to chairman, Mr Kenneth
Dixon “to exploit the potential
of Huntley's big brands.”

The approach may well have
been, made rather earlier except
that, in 1973, Rowntree made a
mess of selling one of its major
raw materials, cocoa, short on
the te rminal markets. The upshot
was a loss of £32ita and a period
of convalescence.

Although it sold other invest-
ments, its shareholding in
Hartl ey remained until Allied-
Lyons made Its move. Allied's
stake was never at disdosable
levels, but Huntley was certain
that the brewer’s holding had hit
32 per cent and bad probably

What both companies

ROWNTREE MACKINTOSH

Kit Kat

Quality Street

Yorkie

Aero

Black Hagftp
Smarties
After Eight

Solo

Polo

Fruit Pastille’s

Fox’s Glacier Mints

Nutty

Lion

Drifter

Fruit Gums

Texan

Toffo

Walnut Whip

Weekend

Matchm akers

make— leading UK brands

HUNTLEY AND PALMER
Jacob’s Cream Crackers
Jacob’s Water Biscuits ■■ •
Bourbon
Me h Tea

Custard Cream Marie

Garibaldi

Club

Trio

Zing

Butter Osborne
Vita Wheat
Twiglets
Smiths Oisps
Big D Peanuts

Bentmeks

Fig Boll

Chocolate Wheatmeal

risen subsequently. As Sir
Hector Laing. chairman of
United Biscuits and thus
Huntley’c main rival, quit the
Allied board in view of poten-
tially conflicting interests in the
food sector, bid rumours grew.

Mr Dixon says that “ clearly
we have not ignored the way the
market moved but,” be insists,
“we have made our bid with-
out any thoughts in our mind
about other people”

After stream of rights issues,
raising £93m between July 1976
and April last year, Rowntree
believes that it has the resources
to boost Huntley’s capital spend-
ing to match, in relative terms,
that of its chief rival, to push Its
brands overseas and to raise its
marketing efforts.

Rowntree also needs to diver-
sify. In the years since the
cocoa debacle and the ensuing
balance sheet repairs, Rowntree
has promoted a somewhat
narrow range of confectionery
products and some grocery items
— such as Pan-Yan Pickle and

Sun-Pat spreads — at home and
in export markets.

Its track has been helped by
weak cocoa and sugar prices,,
more favourable exchange rates
and successful brand launches,
notably the Yozkie chocolate bar.

The record, though, has still
been erratic. Group profits in
1978 were £45 Jm. but -had
slumped to £3 1.4m in 1980. Last
year, brokers forecast, Rowntree
will have made some £42m pre-
tax. but' its substantial effort In
Europe, carefully planned and
explained, is still some way from
producing a reasonable return
on sales of £150m plus.

In a highly fragmented Euro-
pean confectionery market, only
the 1979 acquisition of “ Nutty
is HMiirfng r myrrh braid headway.

Its presence in the U.S. has not
developed. The grant Hershey
group sells three major Rowntree
brands under license in North
America, but the City suspects
that tee latest of tee group's
cash calls was earmarked for a
U.S. deal

Mr Dixon admits teat Ruwn-

ZAIRE, the biggest producer of
dlamcnds in the world, plans to
-el u? a cutting industry of its
-wn this year. The three
independent companies winch
stepped in when tee country
ended its 14-year exclusive
marketing agreement with De
Beers’ Central Selling Organisa-
tion last year have promised
assistance.

The three companies.
Industrial Diamond Company rf
London’s Hatton Garden and
Caddi and Glasol, bote :f
Vntwerp. revealed tee plan ir
""n junction with the si ale-
controlled mineral marketing
agency Sozacom after Iasi week's
sale in Zaire's capital, Kinshasa,
reports a special correspondent.

The sale raised a total of
$8.5m (£4. 5m) for 441.900 carats,
the November production from
the Miba mine, which is mainly
industrial, and gemstones from
Tshikapa. The gems braaghf in
a'most 55m in badly-needed
J.a'd currency, vitfc an average
seeing orfco -~f S17S.43 a carat.

The new cut ling plant is
expected to cost some S2m, and
the Government intends the
industry to employ an eventual
700 Zairois.

Sozacom representatives said
they were especially satisfied
with the price of around $2^0
per carat they received for
crushing grade boart. The
current Antwerp price for this
tow-grade industrial diamond
materia] Is some 50 cents below
that level

'- ;, -S'i d>nm*md industry is
-/’■ na. ' r pr f' m : ems at
.eseni. The first is illicit
minin g and trading, which is
« it: mated to account for about
tee same again as tee ofBcially-
renorted production figures, and
tee second is the declining

quality of output from the Miba
mine.

The proportion of small gem
and near-gem diamonds has
fallen from 38 per cent in 1980
to 26 per cent last year, with
tee proportion of lower value
material rising accordingly.

Beyond that, tee country's
total officially reported output
has shown a dramatic reduction
in recent years, partly owing to
an increase in tee number of
.si ones which are mined and
,\ed illegally.

v-.om a peak of 13.5m carats
ir 1974, Zaire’s production fell
as., year to just 5.7m carats,
with 6m carats forecast for
1982.

The alluvial deposits are now
clearly nearing tee end of their
economic life, and a programme
of underground mining is
urgently needed. Mr Bruno
Morelli, manager of the Miba
mine, believes that there are
• ! i‘ '50m '’arats contained in
-r - r — bed timber! it c

(£2. 02m) compared with tee
forecast of R3.6m made in the
prospectus last March when 30
per cent of tee company was
offered to tee South African
investing public, reports Jim
Jones from Johannesburg.

A total dividend of 24 rents
(I3p) has been declared from
earnings of 37.1 cents per dhare.
In 1980. when tee company was
not quoted on the Johannesburg
Stock Exchange, earn ings per
share amounted to 27 1 cents
and the dividend totalled 9.7
cents.

Alfred McAlpine derive* Its
revenue from contract mining
for other coal owners as well as
in tee exploitation of its own
coal reserves. The company is a
70 per cent-owned subsidiary of
tee U.K. March wi el group.

o . °m estimates that arriicd
540m would be needed in inter-
national loans to fund this pro-
gramme, and the only likely
source of finance for this
chronically debt-ridden country
is- the World Bank. Officials of
the International Finance Cor-
poration, an agency of the
World Bank, are due in Kin-
shasa fer further talks later this
according to Sozacom.

1 ' /r c A1 pine coal
is doing well

MANCHESTER &E.

London and Manchester
Securities has acquired 16,952
shares in Manchester Stock
Exchange Buildings at 400p per
share mid now owns 54,793
(54.79 per cent).

In accordance wite the City
Code an unconditional cash
offer of 400p per share for the
balance will be made.

The board cf MSEB and
advisers. County Bank, will
recommend acceptance. The
intend to accept in
i-" of 3 200 shares (3.2 per
ren'l.

Croda defence includes higher

profit and dividend forecast

Croda International, the
speciality chemicals producer,
has estimated a 36 per cent jump
to £10.1m in pre-tax profits for
1981, and has indicated its inten-
tion of lifting its final dividend
for the year to give a net total
of 3.1p pm- share, up 20.9 per
cent

The announcement comes in
tee second of Croda’s two letters
to its shareholders formally
responding to tee current take-
over bid by Barm ah OIL The
offer, based on a 70p per share
cash bid for Croda’s ordinary
shares, is dismissed as a “paltry
price" launched with “oppor-
tunist tuning."

Sir Freddie Wood, Croda’s
chairman, uses tee letter to
simeest how far Croda has
alrcr’dv positioned Itself to take
ad".-»itage of the recovery now
■'ovi*’ifng i n tee chemical see-
ror. Burmah is aiming, he says,
“to pick up a superb business

early in the upturn of the
chemical cycle at a bargain
basement price.”

Mr Campbell Anderson, Bur-
mah’s managing director-elect
said he thought Croda’s share-
holders would be “sadly dis-
appointed” by tee 1981 profit
estimate in view of the com-
pany’s build-up. Sir Freddie’s
letter looked unconvincing and
presented “a blend of in-
different performance and pious
hopes.”

Since anticipation had rather
exceeded the event, said Mr
Anderson, Burmah’s 70p bid
continued to look “very
generous.”

The letter itself presents few
actual figures about Croda's
future performance, reminding
shareholders that it is “not a
ceranany given to making rash
f ''recasts.” It does, however,
make much of a Blueprint for
the Eighties internal planning

document which it. says was
formally adopted by the board
last September.

Tins points tee way towards
Croda’s resumption of a return
on capital of over 20 per cent,
such as it achieved over the
decade before tee chemical
sector's collapse in 1980.

Describing the blueprint as “ a
pathway,” Sir Freddie says
retrenchment of Croda’s labour
force, assets, energy costs and
borrowings — down to £3L5m at
the end of 1961 — have all pre-
pared tee company for a substan-
tial recovery.

Shareholders are invited to
recall teat Croda has a long
record of action calculated to
help them share ' in its past
growth not least the first issue
of a deep discount oue-for-one
rights issue in 1974 white was
designed to avoid the -dividend
controls then existing.

See Lex

ALBERT FISHER GRP.

The Albert Fisher Group has
acquired a fruit and vegetable
business operating from M an-
te ester from William Moon and
Company.

The consideration was £23,000
paid in cash — £22.000 for good-
will and £1,000 for fixtures and
fittings.

NCC Energy plans to
invest Simplicity cash

SOUTH AFRICA'S coal-produc-
ing Alfred McAlpine has made
a net profit for tee year to
October 31 last of R3.7m

wCCOR^JODALE

MeCorqaodale has isroed
53.901 ordinary shares as agreed
additional consideration to the
vendors of tee La Clede Manu-
facturing of New York.

T.» ENE DEAL OFF
Helene of London announces
that the acquisition of David
Rome (for white conditional
contracts were exchanged cm
February 11 1981) is not
proceeding.

This advertisement is issued in compliance with the requirements of the Ctmndl afThe Stock Exchange.
It does not constitute onoffer of, or uwitationlo the public to subscribe for or to pimmise,any8eauittea.

US. $300,000,000
Du Pont Overseas Capital N.V.

ZERO COUPON GUARANTEED NOTES DUE 1990

UndHuStianally guaranteed as to payment by

E.I. Du Pont de Nemours and Company

(Incorporated in Debarare)

The have agreed to pzmJiase the Notes:

MORGAN STANLEY INTERNATIONAL
AWEMENE BANK NEDERLAND N.V.

. CITICORP INTERNATIONAL GSROUP
DEUTSCHE BANK AKTIENGESEIISCHAFT
SOCI$T£G£l&RAl£DEBAmVESjL

THE NIKKO SECURITIES CO^ ( EUROPE) LTD .

THE BANK OF BERMUDA LIMITED
CREDIT SUISSE FIRST BOSTON UMTTED

KmATTFOREmTRADmCONTRACTim

& INVESTMENT CO. (SjLK.)

UNION BAM OF SWITZERLAND (SECURITIES) LIMITED

WAKO INTERNATIONAL (EUROPE) LIMITED

TkeNotes, in the denomination ofUE. $1,000 issued at33S0pereent 3 haDebemadmittedtotheOf fici alListbyiheCoiaial
of The Stock Exchange, subject only to the issue of die TempoTtnyNate..

j during mrmalbii^nessho^onar^w^kdoyCSatiirdayse^^etDi^toemdiiichidingFebruary 9, 1982 fromthebnJiers

to toe issue:

Casenove&Co*

BjlbkenhoeseYard,

DETAILS OF the new plan to
create a formal merger between
NCC Eop-^v Simplicity Pat-
tern fnm'W’v **f the U.S. should
be ann-i»»v*ed at th» end of Feb-
ruary. Meanwhile, NCC has effec-
tive executive control of Simpli-
city and is already claiming to
invest Simplicity’s £50m of cash
resources, the company said
yesterday.

At last Friday’s annual meeting
of Simplicity shareholders voted
in a new board under the chair-
manship of Mr Graham Ferguson
Lacey, chairman of NCC. Of tee

11-strong board seven are either
NCC board members or NCC
nominees. They include Mr Alan
Bond, the Australian entrepre-
neur who owns 13.3 per cent of
Simplicity which be has agreed to
vote with NCC*s 20 per cent

The second NCC nominee is
Mr Edward Cook, chairman of
Cook Industries, which last
month built up its holding In
NCC to 11.14 per cent Mr Fer-
guson Lacey and other members
of the NCC board control around
40 per cent of NCC.

rhamVr^jn
Phipps £1.3m
acquisitions

No decision
yet over Grand
Met. hotels

Chamberlain Phipps, tee
manufacturer and distributor of
a range of components for use
in footwear and automotive
manufacturing, has acquired two
adhesive manufacturing com-
panies in a deal worth in
aggregate £1.3m.

Chamberlain Phipps said yes-
terday that in order to extend
the activities of Its adhesive sub-
sidiary, Tivoli Kay, it has
acquired from Plus Products
Holdings the whole of tee
issued share capitals of Plus Pro-
ducts Ltd. and Plus Products
(Developments), wite effect
from January 22 1982.

The aggregate value of tee
cootideration is £1.3m, white
has been satisfied by' tee allot-
ment to Ins Products Holdings
of 891,417 ordinary shares of lOp
each in tee capital of Chamber-
lain Phipps, and by foe payment
of casfa Of £935.000.

The value at March 31 18S1 of
tee net assets being acquired
was £1.07m and the profits be-
fore tax of the two companies
for tee year ended on teat date
(after deducting a non-recurring
exceptional item of £150,000)
were £104,970.

Grand Metropolitan, following
its announce meat last week teat
as many as 10 of its London
hotels could be for. sale, said
yesterday that the Britannia, the
Europe and tee Piccadilly botls
are not included among those
to be offered for sale.

The group said: " No firm
decision has yet been made in
relation to the remainder of the
London portfolio and it may
well prove that some of these
properties wiH become absorbed
into tee Forum Group of Inter-
Continental Hotels.”

COLONIAL SECS.

ACCEPTANCES
Irrevocable undertakings to
accept the offers from United
Newspapers for Colonial Securi-
ties have been received in
respect of 7,167,210 ordinary,
£110,000 first preference stock
and 2^09,612 second preference,
representing 57.2 per cent, 17.4
per cent and 4&S per cent of
each respective class. Figures
include directors' undertakings.

ALEXANDER/

HOWDEN GROUP
Offers made on behalf of
Alexander and Alexander for
the outstanding ordinary shares
of Alexander Bowden Group not
owned by an Alexander and
Alexander subsidiary have been
accepted by holders of 76.9 per
cent of the shares, Morgan Gren-
fall and Co. end Smith Barney,
Harris Upborn International Inc.
have announced.

All tee conditions to tee offers
have been satisfied or waived and
accordingly have become uncon-
ditional in aH respects.

Neither Alexander and
Alexander nor its subsidiaries
held any ordinary shares hi
Howden prior to foe recom-
mended offers, but daring tee
offer period a subsidiary' pur-
chased a 14.9 per cent holding.
Taking this into account the
company now owns or controls
SA2 per cent of itie total issued
teane capital of Howden.

AUDIOTRONIC /

A large parcel of shares has
been acquired in Andlotronie.
Holdings, tee loss making elec-
tronics company, by Ponyrand.
Ponyraad has purchased a
further 115,000 shares bringing
its stake op to 7.98 per cent.

tree has had “ interesting talks” "
with one or two ..US, propod- .
tins and stresses that a success-
ful hid for Huntley woald not
inhibit his ambitions' across the
Atlantic.- But, -for the moment,
Rowntree is panning its-hopes em -
biscuits in. very much a ..UK
.framework..

Dr Bri gh t , like" many a chief
executive before- him, finds him-"
self in a bid corner before Ks
rationalisation plans - . and . Ms'-,
growth proposals -make any im-
pression ou‘ the profit, and low
account ■;

: Huntley madfr£7-2m pre-tax in
1980, against £LL6m. and. tee
betting is teat 'the group. -despife
a big shake up, will straggle to
make much recovery, in 198L;
Indeed, earlier^ forecasts of,- say, .
film teas year, bave been; tallied '
back. ; ' •/

Much of tee- biiune -can be -
pinned on tee. snacks market
According to Tim Potter, tee
food manufacturing . at brokers :
Vickers da Gosta and one of the
few researchers to -have pre-
dicted teas bid, , tire. , -snacks
market finally succumbed to tee
recession midway, through last
year and Smites will be . very :
hard poshed to repeat .its £4Am
trading contribution, of 1980. ; !

Smites' was one of Dr Bright’s
first major deals. Purchased from
General llBlls at .the beginning .
of 1979, Smiths’ Park -Royal-' knd
Bast Lowestoft plants have ,
closed or are : being closed. . to
leave operations on li sites. The

mainstream- biscuit division is
alsogoingteroughthe wringer.
.The old factory at Bermondsey’
his' dosed anef-an did plant on a.
nearby ate m'.alto under tee-

kniffi. .

That wUl leave Peak Freans,
Cream.' Crackers, Fig Soils sod
Garibaldis to be taanufactnredaa
Huytoh, Ain tree, and .at new
-premises at jBenmmdsey. j ' .

■ The chief executive, .claims
teat he’s . turned .'tee:. Huntley
biscuit range “inside'. out-"* The'
new.fcalfccoated digestive isjsmd -
to have cornered 17 i per cent of
its. market, tee prewar recipe
for Huntley and' Palmers has
wooed: ; nerw_ “ customers" and
.“Trio," one qf Huntley’s shdie
TecentT'^-cOirat Une" -launches
has app a re nt ly done “extremals
Well,’* setting flora armuaEy.*

Dr- Bright calculates that Ms'
prodnet? and plants recelveJMhe
■ndriual -■’amount’ .of -•’support'
Rowntree . sees, it differently.
“ They- haven’t : • skimped on
revenue ' spending^* • =dtys' Mr
-Dixon, “btit their capital- spend-
ing as a proportion- of- sales.,
value is about half test of; United ;
Biscuits, or -ourselves.". -

its bid will be fiercely con-
tested - as--. Huntley piste -its
recovery -.hopes before '-share-
holders. It has just teat launched
what tiie trade'-; calls at haw
moulded ’chocolate comrtHne "fif
• the Granada, Tyne-Tees and ATV,
television. .areas.: Dr Bright.wfli
be hoping its name is prophetic. -
Ttis called- “ Winner.” . ; Y .-. -' -

- -j

U -- -

S’ »

..Mf

l> -
rf

a-

EUROPEAN OPTIONS EXCHANGE

Feb.

’ May

. Auft. •••..

Series

Vol.

.Last

- Vol.

Last

Vd.

j’Stet*- -

GOLD C •

S57fij -

'

• •

,4

GOLD-C -

ms

no

B^O

43

. V IE

. i Jr

GOLD C

9485

13

1.40

ID

5

GOLD C

0450

—

—

3

4 ■

. « v‘.

GOLD C

*476

. IDO

8.50

GQLD P

S560

—

—

—

—

GOLD P

8376

—

• •— '

3

16

ZSiSCK rji'Ti. I-'.

GOLD P

IViV

23

28

. —

—

•

'

GOLD P

ts

6

61..

. — r

;... — .

• fs£ i ■ s-.m'.-

■ .- ».-•
'■'S’

125* NL 81 8741-
C F.102.SO ; - • j

P F. 107. BO j

10\ KL -80 SMB .
O F.06 1

C F.S7.BO |

« 1-4^08) t ' — :

- .1 . - T 800

io I ajjo i - i — r —

April

July

BO El C
SLUM C

900t

__

. ■

■ 10

• 14

20

•- a

9

3.20

14

5.30 A

—

78 .

X.60

- 70

8 8

86-

0.60

46

0.90

60

0^0

. 11

1.10

• —

—

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28

6.90

7

9JB0

78

4.80

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SJID

76

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_. _

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1

20

2

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j- •

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18

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16

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280

.11

4.70

260

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.- -. B -

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iGT

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17

mtm

2

t ~

—

25

1,60

: 12 ■

160

■

••• _

—

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-24

sjao

-.’ 63

3,10

690

- l

199

1.30

69

0.40

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—

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OJO

60

0.60.

71

0.70

100

L20-

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. 8

.

43

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38-

280

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io

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: ■« .

230-

- ■ — .

149

250

is

3^0

76

2A0

j

• Feta:

May

■vs

-

A US.

80 J 1 |880S«

- 1 -

TOTAL VOLUME IN CONTRACTS:

A=Asked - - B=Bld

3538 -
C=?Q»U.

P*Pirt

MAPCO UPDATE:

TULSA — MAKXysBoacdofESrectDis has; ^
decl ared tee 66th. consecutive Quarterly Divi-’
dend since the first payout was voted in Dfe*> A
cenrfxx of 1965, The current rate u $L80 pee ' r.
year. MAPCO isagrowing energy company with
annua l sale s sx\A revenues io excess of $2 bilBon; ' r j

❖

INC

TtffSA, OKLAHOMA 7fli9-

Kpelmcs/Oil&

f- w

:1

CORRECTION NOTICE A .

Bankof^ Tokyo

us i$5o;poo,oob^ ■ y U

GMranteedHqatingltataNotex-.^^ ;

■ .• ' ^ = .k ~. “ >. ^'4

Payment of the pribripaliof, and in t e re st da, the Notes
is unconditionally- and -hrqybaMy guaranteed by.; .u i

TheBaidcofTidiy^Ltd.

In accoFdanoewitft the provisions. pf .the Agency Agrearaeirr between .
Bank . of .Tokyo .'(Cumriff) Holding' The^Bartk' ofTofcyo ■ LtdA

and .Citibank July 16^S80, ooti«Ji thereby grrap.twL

tee lUta of JnttreatdiK' b*eh:tee«d : at 15|». pa. and.tiat tfte
interest payable onteer relevintv fetemt' -Payment Oat^ ’Juty 2&
1982. agamst Coup^vNo, 4 wiU *

^ .
V

tv

■ • -

N

261382

Coapaflies irf Markets

INTERNATIONAL COMPANIES and FINANCE

23

Rod Or^ ^ebeBtly in Calgary, looks at one of Canada’s largest oil groups

How Pome Petroleum has come of age

1 —

• DOME PETROLEUM’S four
year CSSbn XU.S:S5bn) aequisi-

• tkra baiige has created . Cana d a’ s
: largest dociesacally^ctmtroaie^

• ofl • groiojt ' mid ,ojae .ca&aH« <tf
: JeMing the C$406a cievelopsueat
‘ of the Beaufort Sea oil' field fin'

thW AXCtiC^- - V

.Now. ;«E mattSe -size.' fee
company : ’ is ’’not ■ planning ,
further major.' acquisitions . but
Wfil trafld from .within; :nccord-
ing'to Mr Jack GaWafflfcr, efiair-
man. Internal ^rowthhad played
ojdy a small *cie iaHbe rocket-
ing Value, of , the. company's,
assets- from- <C$U2bn.' at tim end
<rfl97?to an estimated t^X4±m
at- the mid qf -lflfflU,-
Dome’sdash tor -maternity
carried- • ...two ■'-. : . distinct
•characteristics:' heavy ' borrow-
ing and a kmg shadow in
Ottawa’s corridors of power.
Both feafibre? doomed large last
year while Dome grappled with
Canhda’s New Energy Program
(NEP) and with its .audackras
takeover of H udson's Bay OH
and Gas fBBOG). .

; . The NEP--. gave.., generous
, exploration-. - . [mceirtives . - to
Canadian-owned' companies.

•• Bat, after years of successful
seif-promotimL on foreign stock
' exchanges, Dome' was only 35
per cent Canadian-owned. The
figure -has subsequently
increased JO around 50 per cent
with' the takeover of HBOC. -
1 - The solution found - was to
t transfer a. sHce; of assets to a

• new subsidiary,- Dome Canada*

\ and to offer 52 per emit to the
f Canadian. puMic. .

? -At the tme, ahtj-Goverranent
>. feeling was running Mgh in
: Calgwy, Atoerta, the tight-knit,

• conservative headquarters town
I. of .. .Dome. .and-.- most of the
£ Canadian oil . industry. Oilmen

were so incensed by the NEP
that tire Province was rife with

• secession ta3k: and Mr Mare
j Xalonde, the Federal Energy
{ Minister, ' was PuNic Enemy

Number One.

. In this hostile . environment,
Mr Gallagher,, with Mr Lalonde
at bis side, announced in a
. downtown hotel Dome’s basic
acceptance of the NEP and
compliance with fit by establish-
ing Dome Canada. The share
prospectus was the first to
carry a letter of support from
a Cabinet Minister:

The move confirmed general
prejudices about Donne’s aggress
sive, pursuit of opportunities.
In spite ef Dome’s, rapport with
the Government Mr Gallagher
is ..emphatic that the company
is not the Government’s chosen
private sector vehicle to imple-
ment its -energy policy.

The policy's fiscal regimes
have hurt Dome as much, or
more, than other companies
and Dome stifi opposes some
key aspects such as the right of
State-owned Petrocanada to take
a 25 per cent stake fin all dis-

coveries , on Government land.

He admits ‘ that creating
Dome Canada was tire expedient
solution to a critical- problem.
Dome’s loss of exploration in-
centives had dried up its exter-
nal financing for the Beaufort
Sea programme an' effort
already 15 years old and close
to Mr Gallagher's heart.

Dome regularly briefs the
caucuses of the Federal potitcal
parties and as a result Mr
Gallagher believes that politi-
cians fully appreciate the value of
the Beaufort Sea to Canada,
both for potential oil supplies
and the huge industrial fillip
that would come from its
development

"There’s no way that as a
businessman you can be tied
to one party.' You have to be
apolitical. I think we have a
good open relationship with
both major parties.” The NEP
was nseftd ' subsequently to

Dome in its takeover of HBOC.

The favouring of Canadians
was the leverage it used to
persuade Conoco -of the U.S. to
sen out its 53 per cent stake- in
HBOG for C$2bn worth .of
Conoco shares and cash.

Dome has just completed the
buy-out of the minority by ex-
changing Dome preference
shares for the HBOG shares.
Even this move had its political
overtones: because -fit required
the Federal Government to
postpone & budget provision
ending the tax free exchange
of shares.

Dome almost disappeared
under its debt mountain during
the six-month battle for all the
HBOG shares. As total debt
climbed toward C$6bn at the
height ctf tie - takeover, it was
believed that Dome was borrow-
ing just to service the HBOG
purchase funds.

Selling C$L4bn of HBOG
assets to associated companies
and partners, plus the cash flow
benefits of a fuff merger of
HBOG, finally eased the finan-
cial-pressures. '•

In a* paper prepared for its
bankers Dome is forecasting
that shareholders -equity will
total C$2.9bn in 1982 and debt
CS6bn, rising to C$5.3bn_ and
C$7bn respectively by 1985.

Mr Gallagher forecasts cash
flow of C$70m and capital ex-
penditures of C$0OOan this year,
rising to C$2.8bn and C$L9bn
respectively in • 1985. thus
onahting the company to break
its long practice of borrowing
to finance development.

He. points out that the com-
pany as used to. a fngh debt
equity ratio. He started Dome
as a one-man cojnpany in 1951
with equity of C$250,000 and
debt of C$7m from the endow-
ment funds of Harvard, Prince-
ton * and the Massachusetts
Institute of Technology.

Deane -wall continue to borrow

heavily for the Beaufort Sea
•project. It will have 4o find
about 35 per cent of the C$40bn
development, cost,- the zest com-
ing from fits partners, prin-
cipally Gulf rtyriarta Resources,
Hunt International Petroleum,
belonging 'to the Bunt family of
Texas, and Phibro, the TLS. com-
modities and- flffiHHdal services
■ company.

Mr Gallagher envisages pro-
duction of 200,000 barrels of Oil
a day by 1987 and lm by 1995,
to be carried by Ice-breaking
tankers. Being . dose to the
North Pole. - the field - os only
about 4,000 miles from Japan,
Europe or- :tbe swath-eastern
UB-

Dome, ai id most observers of
tiie industry, believe the tech-
nology for exploitation is well
fen hand. But some sceptics
remain doubtftd .about the
reserves potential of Kibe Beau-
fort. While the latest apprai-
sals announced in November
were generally greeted as en-
couraging, some believe the
notoriously . — difficuiUo-read
logs from the wells (told a more
dismal- story.- •

•’ ' For ail the focus .on the glam-
our of the Beaufort project,
Mf Gallagher reckons that.it re-
presents only 10 per cent of
the . company’s efforts. The
merged Dome-HBOG is a major
factor in all hydrocarbon acti-
vities, from oil and gas .to petro-
chemicals and liquid natural
gas. ■ • .

Zt is the largest holder of ex-
ploration land in Canada. It
drilled 5m feet of the industry's
total 24m footage, in 19&L It
has the second largest reserves
of .oil, gas . and ' natural gas
liquids in the country, am oust-
ing to the' equivalent of L2Sbn
barrels. Daily production, of
162m b/d, ranks- third behind
Canadian subsidiaries of U.S.
companies.

Strong coal exports lift
Norfolk and Western

*!

BY OUR NEW YORK STAFF

STRONG COAL shipments, par-
ticularly to export markets,
helped Ttforf olk and Western,
the’ major U.S. railway, achieve
record fourth-quarter ' and. full-
year profits despite a downturn
in general freight traffic. ■

Net profits, for. the quarter
Were- 998.5m, or $ZB8 a J&xre,
up 15 p& cent; fram i the year ,
earner's $8i-4m,^or $2.55 a share,:;
revenue is ahead by 17- per cent
to $495.6mfrom $42&nl '.

Although growth slowed: in
the fourth, quarter, the company
raised net profits for the: full
year by 25 percent, from
$2S2.4n4 oar $736 a share, to
011m, • or $8.94 a share.
Revenues rose 14 per cent to
$L8ba from $I.58fetL'- . . ..

’ ’ N ahd Ws corf shipments for
the export market totalled 92m
tons' '-.tor the -fourth - quarter
against fiSmctous a yeareariier.

. Shipments for domestic .power
generation: totalled T-5jn . tons -'
compare 8.9m tons. .

The xaikway,~ which is seeking
gov er n m ent • approval for a

merger with Southern Railway,

- expects- coal' traffic to continue
strong this year; But it does not
expect general freight traffic to
pick up ; before the third or
fourth quarter. . - '

.-'The. illation’s freight traffic
r dipped; by nhly 0.4 per cent to
91£Sxn tonnemiies last- . year
from 1930; But tins, masked a
'S&'pex cefli rfiwmtmntdH the
fourth quarter reflecting lower
economic-activity. .

Shipments in the - first three
weeks of the curront year were
down' 14.7 per cent; from the
opening period of 1981 to.42.3tKn
tonnemiles. Same .o£ - the
hardest hit sectors, with
decreases of about a third, in-
cluded motor vehicles, grain,
lumber and ores. .

N and W is still waiting tor
government approval of its 20
per cent stake in Piedmont
Aviation, a fast^rowdng, and
profitable regional airiine- The
railway has pledged not to lift
its stake, accuaarfated last year
at a cost of about $57m, for five

American
Brands ahead
in final period

By Our Fmandal Staff

A SUBSTANTIAL upturn in
the final 'quarter has enabled
American Brands, manufacturer
of Ludcy Strike, Pall Mall and
other - weti-knnw’tt 4J-S. cigar-
ettes, to meet forecasts of a
modest gain in earnings for
1981.-,

Total net for the year is 2.1
per cent up.at $386.1m or $6.68,
& $hare. But safes for the year
are 4 per' cent off at $6.53bn,
and the gain in turnings leans
heavily on the fourth quarter
when to total jumped by 32 per
emit, despite an 8 per cent drop
in sales.

At the nine-month point,
American Brands, which owns
GaUaher, . the UR cigarette
maker, recorded an 11 per cent
fall in earnings:'

.The directors commented
early last year on the effec ts
on earnings of foreign currency
fluctuations — American Brands
takes a fifth of its profits from
tobacco operations outside the
U.S. It also said that softer
earnings at GaUaher had held
back the group total.

Oil groups show sharp
quarterly earnings gains

BY OUR NEW YORK STAFF

TWO LARGE independent U.S.
oil companies yesterday
reported strong quarterly earn-
ings while Hughes Tool, the
leading supplier of drilling bits
to the oil industry, reported
•record quarterly and annual
profits largely due to the U.S.
drilling - - boom following
decontrol of domestic oil prices. ;

-Union 03 of California, a*-
leading independent which has
been regarded as a possible
takeover target in the latest *
wave of oil takeovers, showed
a 33 per cent gain in fourth
quarter earnings to $236m from
5177.2m in the final period of .
1980..

Despite a weak ofl products
market, the company’s anim al
earnings rose to $791.4m from
$647m in 1980, revenues
increasing from $10.5bn to
SlLSbn.

Ashland OH, the country’s
teathng independent ■ refiner,
lifted its first quarter profits 135
per cent to $47.5m from 520.2m
in the same period the year
. before, or to 51.40 a share from

55cents. Revenues rose f ram
$2.07bn to $2.46bn.

Improved ' refining margins
and the purchase of more lower-
cost crude oil were the main
reasons for this sharp improve-
ment and recovery from the
difficulties the company faced in
the first quarter of its previous
fiscal year;; - --

‘ .For its part, Hughes 'Tool, the
former sheet anchor • of the.
.empire of the late and mysteri-
ous Mr Howard Hughes,
reported record earnings for
both its final quarter and for
the whole of 1981.

Earnings last year rose to
52552m on sales of $L8bn,
from profits of 5132.2m on sales
of 51-2bn in 1980. . In the final'
period, earnings rose to 572.6m
from $42 .2m on sales erf $473.6m
against $352 ,7m in the fourth
quarter of 1980. • -
; The company attributed its
strong performance to decontrol
of domestic U.S. • oil prices
which has led to record drill-
ing aetirity in the country.

KORTH AMERICAN QUARTERLY RESULTS

Adtt&ttEVEUftD

|3§9f|

1961-82 1980^1

'$

iou9m mem

-3X4m 2J28m

. aas - a 50

....

Ail? PHOOUCTS- ft 'CHEMICALS

■ Hiat qaeitar.-'i' ,. _

1981-82 1980-81

* S

Nat profits h- —

Net .par stare

34.56m

: ,\jb.

32.28m
- 113

1 ' rT: i'.y •- n ' ” m

. --

' Ftat^ -quarter '_

t : -ifi

kIMSEjM

1 ; i 1 *W~-

1 .46 m

1.J3m

■ .0X8

0X9

.* • • _ . - > .

■

. Fourth quarter

- 1881

3

1.02bn

1880

'*

96m

T07Xm

78.5m

0.68

0.52

Ynr .

4.19bn

3.75bn

388.2m

344.8m

Nat par share

2X7

2X9

AMERICAN. HOME PHOIXJCTS

Fourth quwtar
Raven iw-- ..........

Net profits ........

1961 raw

. s *

1.04bn S884m
IZTJBm 1J3.SOI
0.82 0.73

Yaar ..

X.13hn

3.3bn

497.3m

445.9m

Nat par share

3.T8

2X4

AM FAC

. Fourth quarter .

1981

S

7.71m

I960

S

24.45m

0.53

1.71

Yaar

Iteysnue

2.15bn

41.91m

2.88

1.92bn

78.1m

5,37

AMSTAR . .

Sacond quarter

1991-82

S

®9Xm

1980-81

5

553.4m

11.65m

23,93m

1X9

2.67

. Six months .

813.7m

I.OTbn

Ner profits ..........

Net per stare

3B.96m

4.09

42.59m

4.75

r B" ■ — — 1

Fourth quarter ■

Revenue . —

Not brofiis' ...

1981

. S-

. 728m
37.2 m

i960

8

807m

37.7m

Yew

Revenue

Net. profits .........

Net per stare ...

1.40

3.1 bn 3b«
120m 135m

4.50 5.08

CAROLINA LIGHT ft POWSt

Fourth quarter

Revenue

Nat profits

Ns; .per stars

.Yew.

Revenue

Net profits
.NeLJBsr.ltaro.

:19B1 1880

S S
.'-31S.3m 267.9m
. 48.23m 55.42m
.. 0.88. 0-®

. 134bn I.OBbn
. ao.0m 16t.4m

CESSNA AIRCRAFT

1981-82' 1980-81

• Rrot ipjarter ' ■.‘S S

Revenue 28T-3m 251m

Net profits . ■mm.h.vi., 15.04m 13.96m
Net per. etare .— .0.78 0.74

COMMONWEALTH EDISON

Fourth quarter
Revenue .. —

Net profits ... i

Net P«f stars
Veer.

Revenue

Net 'profits

Net per. stare:' — ....

1981 . 1980'

• S ' S
904.1m 83fim
100.6m 94.1m
0.62 0.68

3.74b n 3^J2bn
449am 382m

3.06 2.97

DUKE POWBt

"- Fourth quarter

Revenue - —

Wet profits'

Net per stare .:
Voir

Revenue

Net profits ........

Net per share ..

S 5

1981 1380

484am 425^m
79.6m 76.8m

- - 0.7* 0.72

1.9bn I.CBbn
336 3m 311.1m
3.19 3.09

EASTERN GAS AND FUEL

Fourth, quarter

Revenue ,....

Nat profits — .

Net per share .........

Veer

Revenue .

Nat profits
Nor per share

1981 1980

S S
360.7m 282.7m
24.95m 16.99m
1.10 0.7S

T.IBbn Ibn
60.12m 54.77m
Z65 i45

ETHYL. CORPORATION

- Fourth quarter
Net profits ........

Net par share ..

- Year : ,.

Revenue

Net profits

Net par stare

1981 1980

S S-

2335m 24.98m
130 1.24

1.78bn 1.74bn
90 asm 39.68m
'- 4^6 4.48

EVANS PRODUCTS

1981 1980

Fourth quarter ' S S ■ •

Net profits 5.87m 1066m

Nst per share 0J8 0.77

Year -

Revenue 1.54bi> 1.46bn

Net profits 15.12m 4036m

Net per share ■_ — - OS3 2a3

BS.CBJ.-o" 1 " ■ ~

1981 1980

Fourth quarter S S

Net profits 16.17m 15.39m

Net par share ' 1-06 0.99

Year

Revenue — 1.12bn 1.tSbn

Net profits 66.81m 50.4m

Net per share . 3.71 3.27

FIRST RANK- SYSTEM

Fourth quarter

Net profits

Net per share ..
Year

Net profits

Net per share

1981 I960 -

S S
26.1m 28 Am
1.72 ’ 108

.... 107.1m 111.6m-
7.06 .7.48

bhst Mississippi corny

Second quarter

Revenue -

Net profits

'.-Net -per share- ...
Six months

Revenue -

N«- profits

Net jwr share ....

1981-82 1980-81
S 5

95.6m 98.8m

6.22m 8J9

... C.2S 0.39

t48L8m !5S.4nt
.... 6J*m 1Z2m
.... - 0S3.

FOREMpSY-MCKESSON

1

‘ ^

1981-82 1980-81

Third quarter .

S

S

Revenue -

t.ISfm

1.09bn

Net profits —

22.16m

21X5m

Net par share ...

1X9

.1X3

Nina months

3>bn

Revenue ........

3.09bn

Not profita .: ;

56.66m

5243m

Net- per share’

3^2

- 3X0

| HARRIS CORPORATION

1981-82 198001 I

Second quarter

S .

$

Revenue

42B.Bm

386.4m

Nat profits

18.68m

34Xm

Net par stare -

0.63

1.11

Si* months

Revenue

818Xm

734 Xm

Nat profia ;

43.63m

54.95m

Net, per share

1.40

1.79

1981

Year-.

S

. *

Revenue

I.ISbn

I.OSbn

Net profits

61.3m

49.7m

Net per share .. — -

3.13

2^7

| HERCULES INC. |

T981

1980

. Fourth quarter

S

S

Revenue

649m

633m

Net profits

■16m

31m

Net per share 4

0X8

a7i

•Year.

2.71 bn

Revenue

2.48 bn

Net ' profits

136.4m

114tn

Net per share

3.09

ZBD

1881-82 1380-81 1

Second quarter

S

S

K7Xm

568.8m

29JZ6m

28.43m

1.®

1X2

Revenue

1.2bn

IJWbn

57.56m

43 .47m

2. 85

' 2.29

1981

nr.’ 1 'T

Fourth quarter

S-

5

Revenue

157m

151 Xm

Net profits

29.3m

2BX9m

Net per share

1.10

0X9

Year

Revenue’ *

612.7m

iwaJBn

Nat profits '

112.ftn

106.1m

Net par- ehara

4X2

4.00

IMPERIAL CORP. OF AMERICA

1981

I960

Fourth quarter

S

$

Ner profits

fIXm

Net per share

Y vat

11.75

0.79

877m

714m

Net profits

137.8m

40.7m

Net per share

+ Loss.

12.66

2X6

I' 1

1981

1880

FMirth quarter

5

'5

720.1m

680.4m

Net profits -

■ 39,6m

43.9m

Net per ehara -

ISO

1.82

2.89bn

XSbn

Nat profits

204.7m

181 X01

Nat. per stare ~

9.12

7X5

KOPPBtS

1981

1980 |

Fourth quarter

S' •

S i

Revenue

513.4m

508.6m '|

Net profits

14.06m

11.34m 1

Net par share

0.43

0.41

Year

Revenue

2.02bn

1X3bn

Net profits

51.64m

53.96m |

Nat per share

1.5B

1.98

LEAR SIEGLER

1981-82. 198001

Second quarter

S

S

Revenue

361.7m

379 Xm

Net profits

18.47m

19.06m

Net per chare .........

. 1.18

1.19

Six months

Revenue

728Xm

726 Am

Net profits -

35.39m

33.09m

Net per. shoes

2.14

2JJ7

r 1 u 1 » rvi ■

1981

.1980

Fourth quarter

3T '

S

Revenue

231.1m

231Xm

Net profita

5.5'm

9.4m

Ner per stare

0.45

O.BO

Year

Revenue

907.2m

906.4m

Net profits

24.7m

43 Xm

Net per share

2.06

• 3.70

NEW BSIGLAND 6LEC.

SYSTEM

• 1981

1980

Fourth quarter

$

S

312m'

314.2m

Net profits

. 2S.65m

i 22Xm

Ner par ata.ro .........

- 1.13

1.04

1X8bn

I.ISbn

Net profits - '

90.98m

76Xbm

Net par -share

4-05

3X0

OMARK INDUSTRIES

1981-82 1980-81

Second quarter

S . •

S

70m

72 3m

Net profits

4.74m

7 Aim

N«T per share .........

0.68

1.03

141.2m

141 Xm

Net profits

TO. 51m

15.37m

Net par share

1.46

2.16

ITl -I.' t\:\ 1 '

Rret quarter

Revenue

Net profits

Net' per share .. —

. s s

1981-82 198081
134.4m 124.5m
tl.Bm • t4.1m
10.19 10.49

PACIFIC GAS ft ELECTRIC

1981 1980

Fourth quarter S S

Revenue 1.62bn 1.48bn

Net profits - 100.9m 93,83m

Ner per share 0;78 0-80

Year

Revenue 6.19bn 5-26bn

Net profits 430.9m 41S.6m

Net per share 3.41 • 3.B0

PENN CENTRAL

Fourth quarter

Revenue

Net profits

Net per share .......

Year

Ratanue

Net profits

Net -per ahars

1981 1980

S S
866.4m 561.2m
31.9m 15.5m

0.73 DJI

3.34bn 2.01 bn
168.7m 93.5m

-4.18 1.81

| REEVES COMMUNICATIONS

1981-82 198001

Second quarter

S

$

ReVenue *. —

59.8m

22.1m-

Net profits'

6.05m

1.76m

Net par share

0X5-

0.31

Six montits

Revenue

108 Xm

34.7m

'Nffii profits-

9.39m

2.33m

Net per. stare

1.19

0.41

1981

1980

Focnth quarter

S

$

Revenue

41 Sm

418.6m

Net profits

19Xm

17m

Not per share

1.49

1.31

Year

Revenue

1.88bn

93.7m

Net profits

93.1m

93.7m

NBt per shore

7X1

. .7X8

SMfTHKUNE

..

1981

1980

Fourth quarter

S

S

Revenue

508.6m

476.1m

Net profita

98.17m

87.9m

Net per share

1.47

1X3

Year

Revenue

1.99bn

1.77bn

Net profits

370m

307.9m

Net per share

5.55

4.65

1981

I960

Fourth quarter

s .

S -

Revenue

1.04hn.

969.2m

Nat profits

110.9m.. 53.-99m '

Net per share .........

1.27

0.71

Year

Revenue

4.D5b»

3.66bn

Net profits

422m

256.6m

Net per share

4X3

3.50

1 ■ n ffi J-i. »ri j.-UBBB

- 1981

1980

Fourth quarter

S

S

Revenue _....

809.5m

753.2m

Net profits

63.44m

64X8m

Net per share t

2X2

2X8

3X7bn

2.86bn

Net profits

'1 87.7m

155:9m

Net per share

6.18

' 5.78

1881

1960 ’

Fourth quarter

' S

$

65.9m

57.5m

Net profits -

8 ,14m

7.99m

Net car share

0.78

0.85

Year

Revenue

770.3m

213m

Net profits

34.1m

28. 4 m

Net per share

3.38

2X5

IK?:. 1 .., ,1-;-'^— 1

1981

1980

Fourth quarter

S

S

Revenue

378.5m

425.4m

Nat profits

24.86m

42.07m

Net per share

-.0.58

0.96.

Revenue

1.73bn

1.7bn

Nat profits

149.9m

136.2m

Net per share .........

3.41

3,10

I TRANE COMPANY

1981

1980

Fourth quarter

S

S

Revenue

194.1m

186.3m

Nat profits

8.8m

6.49m

Nat per share

0-86

0.64

Revenue

807.4m

764.8m

Net Profits

37.24m

33.78m

Net. per abate

3.65

3X2.

' ' — - - -

“ '

Whittaker
launches
offer for
Brunswick

By Rod Oram m New York

WHITTAKER, the diversified
California.'- based industrial
and sendees company, has
launched a 5820m bid for' 49
per cent of Brunswick Cor-
poration, an Illinois company
with interests in medical and
recreational fields. If success-
fttl, Whittaker expects to pro-
pose a merger ' '

' Branswzek, well known for
its Hercnry outboard engines
for small boats' and equip-
ment for bowling alleyes, had
no comment- on the unsolici-
ted offer.

Whittaker is offered. 52&50
a share for a maximum of
10.4m Brunswick common
shares and ’ S 1-23428 per
.51.000 principle amount of
530m 10 per eeot convertible
debentures. ’

Brunswick shares rose by
51.75 to 519.12 on the New
..York Stock Exchange last
Friday in heavy trading and
the NYSE and Chicago Board
Options Exchange ’ said they
would look into the. brisk
share and option trading.. ■

Medical and recreational
martlets' are the main areas of
overlap for : the two com-
panies, Whittaker - makes
small pleasure and commer-
cial boats and gfafifa and
manages foreign medical
institutions. Brunswick
makes diagnostic kits, hypo-
dermic needles and syringes
and- other medical products.
■Hie Illinois company earned
549.2m, or 52.26 a share, on
sales of $1.011m in the nine
months ended September 30.
The strong recovery, from
profits of 515.6m on $89 3.7m
sales a year earlier was attri-
buted in part to the return
to the black of its marine
power division.

Whittaker’s net profits were
569.3m, or $4.40 a share, on
sales of $L67bn for the year
ended October 31 1981,

against 557.5m on 5L4im a
year earlier. •

Strength in computer
business boosts
Control Date profit

8Y PAUL. BETTS M NEW YORK

CONTROL- DATA,- the U.S.
computer' and financial services
company, achieved a 15 per
cent' gain in -annual earnings
and an 1815 per -cent increase
in fourth, quarter profits last

ye®**- . . ■

In a . generally weaker
market, the company’s perform-
ance in the computer sector
was strong by . industry
standards with computer busi-
ness earnings in the fourth
quarter rising 33 per cent.

Total group annual earnings
amounted to $170.6m or 54.48 a
share on revenues of $4.2bn. In
the previous year, the company
.reported earnings of $150.6m or
•5 A2S a share on revenues of
$3.8bn.

Fourth - quarter earnings
were 542.9m or 51.12 a share

against $36.2m or 95 cents a
share previously.

Computer businesses

accounted tor the Sion’s share
of revenue and profits increase
last year. Computer earnings in-
creased to : 5120. 4m from- $92J5ra
while profits of the financial
services subsidiary. Commercial
Credit Company, declined from
558.1m to. 550.2m.

- The increase in computer
earnings in the fourth quarter
—from 523.6m to 531.4m-— was
partially offset by lower earn-
ings from the financial services
subsidiary. The computer
profits rise reflected higher
revenues and operating margins
as well as a lower, tax rate
which together more than offset
the negative effect of foreign
currency translations.

Interest rates uncertainty
weakens Eurobond prices

. BY ALAN . FRIEDMAN

PRICES OF Eurobonds through-
out the SnternationaJ capital
markets were marked lower
yesterday amid uncertainty
over the conflict between U.S.
and European interest rate
policies.

In the Eurodollar bond mar-
ket prices of. seasoned bonds
were down J .point oa the day
after opening as much as j
point off. Dealers said the re-
covery was related to inventory
coveting, and the market was
described last night as " mysti-
fied and nervous.”

The uncertainty was accom-
panied by a rise in six-month
Eurodollar deposit rates to
nearly 16 per cent, an increase
in Euro D-Mark six-month rates
to 10} per cent (from Friday's
10A per cent) and a sharper
rise in the Swiss franc sector,
from 8} per cent to 9* per

cent

S. G. Warburg and Nomura
are scheduled to launch a 550m
five-year fixed-rate issue with
warrtms to buy equitp for
Toray, the Japanese chemical
fibres group.

Today is expected to see the
launch of a 570m Japanese con-
vertible bond offer for Bridge-
stone Tyre. The 15-year paper
is likely to carry a 51 per cent
coupon and lead-manager will
be Daiwa Securities.

In the D-Mark foreign bond
sector tins week's offering for
the Council of Europe through
BHF is unlikely to carry a cou-
pon of less than 10 -per cent
B A SwFr 35m 51-year convert-
ible is being placed for Shtjwa
Musen. the Japanese electro-
mechanical group. The coupon
is 52 per cent and manager is
Union Bank of Switzerland.

FT INTERNATIONAL BOND SERVICE

Hie list shows the 200 latest international bond
exists. For further details of these or other bonds
will be published- next on Tuesday February 16.

US. DOLLAR Change on

STRAIGHTS Issued Bid Offer day week Yield

Anheueer-Buach IP? 88 100
APS Fin. Co. 17*. 86 ... 60

Arftico O/S Fin. 15H 86- 50

Bank Montreal. T6^ 91 160.
Br. Col urn. Hyd. 161. 88 100
Br. Colum. Mfe. 17 97 54

Can. Nat. Rail IV, 91 100
Cattrpilhjf- Fin. -164 88 10D.
CFMP 16%. 86. 100

cibc re» 4 91 100

Citicom.oys ,I6\86.„. 190
Cities Service 17 88 ISO
Cons. -Bathurst 174 88. 60

CPC Fin. 16* 86 50

Dupont O/S 14*i ”88 ... 400

EtB 16*1.88 100

£1B 16* 91 100

GMAC O/S Fin. 164 84 300
Gulf States O/S 174 88 60

Japan Airlines 154 89... 50

Nat. Bk. Canada 164 88. 40

Nat. West. 14% 91 100

New Brunswick i7 88 60

Newfoundland 174 89 80

New ft iat. Hy. 174 89 75

Ohio Edison Fin.. 174 88 75

OKG 15\ 97 SO

Ontario Hyd. 16 81 (N) 200
Fee. Gas & El. 154 89 80

-Quebec Hydro 174 91 160
Quebec Province 154 89 150
Saskatchewan 164 88 100
Sreuloretag 154 87 ... 50

Sweden J44 68 160

Swed. Ex. Cred. 16493 75

Tenneco Ini. 17 89 700

Texas Eastern 154 88... 75

Tran scan ada 174 88 -. 75

Tnmscaneda 16 89 . ... TOO
Walt Disney 154 86 100

Winnipeg 17 96 50

WMC Ffn. 154 88 ‘ 50

World Bank 16 88 ...... • SO

World Bank 164 88 ... 130
World Bank 164 88 „. 100

1014 102 -04 +04 16.00
1024 1034 -04 -04 16.25
984 994 —04 +04 15.60
994 1004 -04 +041654
1004 W14 -04 +04 1M7
1024 1034 -04 -04 18-42
924 93 -04+0416-11
1004 1014 -04 -04 16-08
1014 WZ4 -04 +04 1857
10041014 0 +0416.48
7024 103 -04 0 15.80
1034 104 ' -04 -04 15.97
1034 1034 -04 +04 16-58
1034 1034 -14 -14 15.50
964 964 -04 +04 15.36
100 1004 -04 0 1638
1004 1004 -04 -04 16J7
1004 1004 -04 +04 16.16
1034 1034 -04 +04 1652
984 994 — — ISM
1004 1004 0 +04 17.02
944 954 -04 -04 15.79
1034 1044 -04 -04 15.95
1054 106 “04 -04 15.84
.103 1034 -04 0 16.44
1024 1034 -04 +04 16-66
964 974 -04 0 16.24
994 1004 -04 +04 1596
994 1004 -14 —74 76.77
1034 1034 0 +04 16.48
954 964 -04 -0416.18
1004 1004 -04 +04 18.08
984 984 -04 +04 1832
924 »4 -04 O 18.40
1004 1014 -04 “04 18X7
1034 1034 -04 -04 16.14
984 99», -04 -04 18.13
1054 1084 -04 +04 16.16
994 994-04 O 16.05
1004 101 -04 +04 15j*2

1024 1024 -04 +04 76.12
• 96 9«4 -04 -04 16.42

894 894 -04 +04 16.70
1014 1014 -04 -04 15X0
10041004 -04 +0416X7

Average ~prlca changes.:, on day —04 on week +04

DEUTSCHE MARX
STRAIGHTS
Asian Dev. Bank 10 91
Aslan Dv. Bank 104' 89

Australia 94 81

Belgefectrfc 11 91

CECA 10 91

Coun. of Europe 10 81
Coun. ol Europe 104 91

EEC 104 33

ElB 84 90 200

Eib 104 si

Finland, Rep. of 104 86
Inter-American 10 91.:.
Inter- American .104 91

Ireland 104 88-

Japan Air Unas 84 87
Midland. Int. Fin. 84 90
Mt. Bk. Dnmk. 104 91
New Zealand *94 69 ...

OKB 104 91

Quebec. Hydro 104 91...
Renault Aoot. 104 86
Swed. Ex. Cred. 104 91
World Bank 10 91

Change on

Issued Bid Offer day weak Yield
700 .99 994 +04 +04 70.70

100 1014 1024 “04 +04 10X6

300 99 994 0 +04 9.49

TOO 10)4 1W 7 s —04 0 10.72
120 10141014-04 0 9.74

700 884 7004 -04 -04 70.01

100 10041014-04 0 TO.07

100 1004 1004 ~04 0 10.06

914 924+04+04 9X5
200 1014 Ite4 0 0 70.10

TOO 994 1004 -04 0 10.41

100 9841004 0 +04 9X5

100 994 1004 -04.-04 TOXO

100 994 1004 +04 +04 10.18

TOO 954 954 0 +04 9.15

180 ay, 34 O +04 9.60

TOO 9941004-04 0 10.61
200 994 1004 -04 0 9.72

190 1004 1004 -04 -04 ID-OS

150 1014 1024 -0*. +04 9X7

750 10041004 0 +0410.56

TOO 994 894 -0*, +0410X2
250 894 1004 -04 0 9X5

Average price changes... on day —04 on week +04

SWISS FRANC
STRAIGHTS

Aeroport Paris 64 91...

Aslan Dev. Bank 8 90

BFC6 64.81. i

BelgelecLfic Ffn. 74 91

Ball Canada 74 S3

Bergen. City of 64 91
Bet. da Autoplstas 8.90

CECA 64 91 .v a

Dorns Petroleum 54 91
Dome Petroleum 74 90 MO
Franc. Retrolas 64 91... 80

Gennar 7 91

Int. Amer. Dv. Bk. 7 91

I/S Elsam- 84 -91

Japan Air Lines 74 91
Nadar. Gsaunle 8 91...

0YM 7 S3

Oa 74 91

Oslo, City, of 8' 91
Saint Etienne 84 91 ...
Swed. Ex. Credit 74 91
TNT O/S-Fln. 8 91 ...
Unilever NV 74 93 ...
World Bank S 91
World Bank 7 90

Change on
Issued Bid Offer day weak Yield
t9*4 95 + 04 0 7X9

10141014 0 -04 7.73
944 344 -04 -04 7X1.
1004 101 -D4 -04 7.91
10541064-04-04 6X8
1004 1004 -04 +04 8.65
10041004 0 -04 7.90

TOO 1004 +04 +1 +.73
934 934 -04 -04 8.75
103 7034 -04 “04 6.75
1964 984 +04 +04 7.02
102 1024 +04 +04 6.69
99 994 -04 +04 7.13

105 1064 0 +04 7.72.
W KM4 0 -04 6.66'
1074 1074 +04 +14 8X3
994 994 -04 -04 7-09
1014 1014 +04 +04 7.07
1054 106 +04 +04 7.14
1044 105 -04 +04 7.77
974 /974 0 -04 7.59
105 1054 O 0 7X5

1054106 +04 0 6.78

924 924 O -04 7.11
99 994 -04 -24 7.12

1034 104 -1 -14 7AA

60
80
.100
' 100
100
40
SO
-80
TOO

100
TOO
80
100
TOO
TOO
TOO
TOO
20
75 .
60
100
TOO
TOO

World Bank 8 91 100

Average price changes... an day -04 on week —04

YEN STRAIGHTS
Aslan Dev. Bk. 84 SI 15

Australia 64 66 20

EIB 74 89 .12

Finland.. Rep.- af 84 87 15 .

'Int.. Amer.' Dev. - 84 91 16 ;

New Zealand 84 87 ... IS

Change on '

Issued Bid . Offer day week Yield
964 1004 -04 -04 8X8
914 924 0 0 8X5

984 994 -04 -04 732
994 1OT4-04 -04 830
1024 UB4 -+04 “04 8X8

1004 1014 +04 0 8.1S

Average price changes... on day 0 an week -04

OTHBt STRAIGHTS Issued
Can. Utilities 17 96 CJ 50
Federal Dev. 174 86 CS • 40
GMAC fCan.) 18 87 CS 80 .
Pancanadian 164 88 CS 85
Queb. Urban 164 86 CS 20

Roynat 174 86 C$ 00

Tordom Cpn. 134 85 CS 30
M. Bk. Dnmk. 9 ST EUA 25
SQFTE 84 89- EUA AO

Change on

Bid Offer day week Yield
*2*'®?* 0 -04 77X6
110241834 O 0 18.71
11054 WB4 0 +0416X2
.1984 984 +04 +04 TOX5
110041014 0 +04W.48
t10l4 102 +04 +04 16.66
1934 944 0 +0415X8
834 86 O -0411.78
784- 784 O +0412 31

issues for which an adequate secondary market
see the complete list of Eurobond prices which
Closing prices on January 25

U. Bk. Nwy. 94 90 EUA 18 914 924 0 +04 H-Ol

Algemene Bk. 104 86 FI 60 374 98 -04 +04 10X4

Amfas Group 124 86 FI 40 1024103 -04 +0411*45

Amro Bank 12 86 FI ... 75 1004 1014 -04 -04 11-61

Amro Bank 12 86 FI ... 60 10141014 0 +04 11.54

Helneken NV 10 67 El... 100 984 974 -04 +04 10.72

Pierson 104 86 FI 50 974 38 -04-0410X4

Rabobank 12 B6 FI 50 1014 1014 -0*, -04 71-64

Air France 144 86 FFr... 203 934 844 +04 +04 16.61

Bk. America 144 BS FFr 250 924 934 0 -04 16.»

Charb'nages 134 85 FFr 400 9Z4 934 -04 -04 18X7

EIB 144 88 FFr 300 894 904 O 0 18.94

La Redouts 144 85 FFr 125 91 92 -04 -04 17.52

OKB 14 86 FFr 400 924 934 0 0 16*8

Sohmy e t C. 144 86 FFr 200 924 884 O -04 1730

Swed. E. Cr. K4 86 FFr 2SO 924 934 +04 +0417.12

U- Mex. Sts. 14 85 FFr 150 914 924 0 0 17-40

Acona 14 85 £ 20 904 91 1 * +04 +04 1734

Beneficial 144 90 t 20 834 844 +04 +04 1739

BNP 134 91 E 16 844 854 +04 +04 1638

CECA 134 83 £ 20 884 894 0 +0416.19

Citicorp O/S 134 90 E 50 884 894 +0»* +04 16.97

Fin. Ex. Cred. 134 86 £ 15 904 914 +04 +04 1631

ffen. Elec. Co. 124 89 C SO 854 864 “04 0 1539

Hiram Walker 144 88 £ 25 934 944 +04 +04 16X5

Prive than ken 144 83 r 12 884 894 +04 +04 77X4

J. Rothschild 144 90 C 12 924 934 +04 +04 15.71

Royal Trustco 14 86 E... 12 924 834 +04 +04 16X1

Swed. Ex. Cr. 134 86 £ 20 904 91», +04 +0416.78

Akzo 94 B7 Luxfr 600 854 864 0 +04 12.88

Euratom 34 88 LuxFr ... 500 864 874 0 +14-12.91

Euroflma 104 87 LuxFr 500 924 934 0 +0412X4

Eia 84 88 LuxFr 600 88 89 O +04 1839

Volvo 94 87 LuxFr SCO 86 87 0 -04 13.19

FLOATING RATE

NOTES Spread Bid Offer C.dte C.cpn C.yld

Bank of Montreal 54 90 04 994 594 18/8 144 MXO

Bank of Montreal 54 91 04 994 994 29/4 17.06 17.13

Bank of Tokyo 54 91 ... 04 9B 984 10/6 134 13.49

Bk. Nova Scotia 54 93 04 994 594 29/4 17.06 17.13

BBL Int. 5 86 04 984 994 20/5 134 13.62

BFC5-64 88 04 994100 26/4 16X4 16.98

Christiania Bk. 54 91... }04 984 994 5/2 15.58 15.74

Co.-Ban -Eurolin 54 91... 04 98**59414/4 16.E9 16.88

Dan Norake Cred. 54 83 04 974 974 4/6 13.56 13X9

Genfinance 54 92 04 994 994 30/6 154 15X6

Giro und Bank 54 81 ... t04 984 994 23/3 14.06 14.19

GZB 54 92 m 984 994 5/3 134 13X7

Ind. Bank JapBn 54 88 04 984 984 9/5 13X1 13.50

Lloyds Eurafin 54 93 ... 504 994 ICO 29/4 17.13 17.17

LTCB Japan 54 89 04 984 994 16/7 15X1 15A5

Midland Int. Fin. 9 91 04 9941004 30/4 17.06 17.08

National Fin. 54 88 ... 04 574 98 25/3 1731 17.71

Nat. Bk. Canada 5*. 88 04 994100 24/3 17.31 17XS

Nat. West. Fin. 64 9l„. §04 964 994 15/7 75.79 15.32

Nat. West. Fin. 54 92 .. §04 994100 23/4 17 17.04

Nordic Int. Fin. 54 91- ■■ 04 984 994 6/S 164 15-78

Offshore Mining 5*4 91 04 974 984 2/6 13 T3X5

Pcme* 6 91 04 974 57*, 8/4 17 17.41

PICbanken 5 81 04 934 894 17/6 144 14.54

Sanwa Int. Fin. 54 88... 04 1S94 93) 24/3 174 17X1

Scotland Inr. 54 32 04 98 SS4Z3/3 13.S4 14.19

See. Pacific 54 91 04 98% 384 24/5 13*. 13.43

Societe Gone rain 54 91 04 39 994 22/1 184 18.77

Spa re ban ken 6 87 (Pa 984 994 21/6 14.44 14. BO

Standard Chart. 5** 91 04 97*, 98*, 18/5 13.31 13.58

Sumifmno Fin. 54 88... 04 S9 994 6/2 19.56 19.71

Average price changes.. On day 0 on week 0

CONVERTIBLE Cnv. Cnv. chg.

BONDS date price Bid Offer dav Pram

Ajinomoto 5*, 96 7/81 933 1004 1014 +04 6.82

Bow Volley Inv. 3 95 ... 4/31 23.12 944 96 -4*. 36X6

'Canon 64 95 1/BI 829 113 115 +04 2X0

.Daiwa Secs. 54 96 ■■■-..12/81 513.3 179 81 +04 —1.44

Fujitsu Fonue 44 96 ...10/81" 6770 HI 4 1134 —04 2X5
Furukawe Elec. 54 96... 7/BI 300 1254 1274 +14 1X3

Hanson O/S Fin. 94 98 8/81 2.74 185 86 -24 -4.52

Hitachi Cred. Cpn. 5 96 7/81 1773 89 01 -24 2.42

inchcape 8 95 2/81 4.5S t62 63*j +1 13A2

Kawasaki 54 96 9/81 229 814 83 —04 4.85

Marui 6 96 .7/81 S3! 104 1054 -0 1 * -0.11

Matfloahita El. 7405 ...11/80 590 924 84 —04 2X3

Minolta Camera 5 98 ...10/81 909 73 744 -04 5.67

Murara 5*4 98 7/81 2190 784 804 -04 27.®

NKK 64 96 7/81 188 974 99 +04 3.37

Nippon Chemi-C. 5 91. ..10/91 919 75 77 0 -0.50

Ricoh ft 95 8/80 604 115**1174 0 1.70

Sanyo Electric 5 96 10/81 652 80 814 -04 2-65

- Sumitomo Met. 5488... W/81 305 814 83 —24 0X0

Swisfe Bk. Cpn. 64 90... 9/80 '191 172 74 0 13.81

Taylor Woodrow 84 90 1/31 4.84 183 84 -04 -1.87

Transco Int. 84 95 B/B1 68 173 744 -14 27X5

Trlcorp 8*r 95 . 2/81S1XS tfi14 63 -2 62.11
Union Bk. Switr. S 89... 2/8070.79 1824 844 0 7.09
Kontshiroku 8 90 DM ... 2/82 585 105 106 0 -2.74

Mitsubishi H . 6 89 DM 2/82 2S3 M2 TO3 0 0X4

* No inlormation available— previous day's price,
t Only ona market mater supplied a price.
Straight Bonds: The yield Is the yield to redemption of the
mld-pnce: the amount issued is in millions of currency
units except lor Yen bonds where it is in billions.
Change on week — Change over price a week earlier.
Floating Rata -Notes: Denominated in dollars unless other-
wise indicated. Coupon shown is minimum. C.dto=Date
next coupon becomes, affective. Spread ■= Margin above
six-month offered rate (f three-month: 5 above mean
ratal -for U-S. dollars. C.cpn =Tha current coupon.
C.yld-7ta current yield.

Convertible Bonds: Denominated in dollars unless other*
wise indicated. Chg. day =* Change on day. Cnv. date**
First data for conversion into shares. Cnv. price —
Nominal amount ol bond per share expressed ill
currency el share at conversion rare fixed ct issue,
Prem-> Percentage premium ol the current eif estiva prlcB
ol ecquiring shares via the bond over the most recent
price cf the shares.

Q Tho Financial Turros Ltd., 1282. Reproduction in whola
or in port in any form not permitted without wnttmf
.consent. Date supplied by DATASTREAM International,

Companies and Markets

. Financial; Times; 1982

INTERNATIONAL COMPANIES and FINANCE

Yugoslavia suspends credit talks

BY PETER MONTAG NON, EUROMARKETS CORRESPONDENT

YUGOSLAVIA HAS quietly
wound down its efforts to
negotiate a large credit in the
Euromarkets because of very
poor market reception to its
proposals.

As a result, say bankers who
follow the country closely, there
is now only a slim chance of
the project getting off the
ground, although neither side
will admit that the idea of a
large credit has been scrapped
altogether.

The credit was first broached
last autumn by Dr Ksente
Bngoev, the then president of
the country's central bank, who
said that Yugoslavia would like
to raise a loan of $400m as part
of its 1981 financing
requirement . .

But at an initia lmeeting with

banks in London last November
it was immediately clear that
such an amount was far m
excess of what the market was
willing to provide, and
Yugoslavia began publicly to
scale down its expectations.

Now it appears at least
temporarily to have halted
active negotiations for the credit
altogether, having told inter-
national banks that it wants to
review the situation over the
course of the next month.

This will allow time for the
completion of more detailed
statistics on Yugoslavia's econo-
mic performance over the past
year. On the one hand the
Government in Belgrade will
then be able to assess its need
for foreign finance more
accurately; on the other, it

hopes that potential lenders
will have more time to appre-
ciate the efforts it has made in
restoring its balance of pay-
ments to a more orderly footing.

Already Mr Zvone Dragan.
the Prime Minister, has said
that last year's current deficit
is expected to turn out at
around S1.4bn instead of the
$I.8bn originally projected.

Few bankers doubt that
Yugoslavia has in fact succeeded
in improving its balance of pay-
ments situation dramatically,
but most add that Yugoslavia
faces an uphill struggle if it
does decide to revive the loan
project in the future.

This is because the Eurocredit
market has received such a
large shock from the payments

difficulties experienced first by
Poland and now by Romania.
Yugoslavia has been trying very
hard to separate its own situa-
tion from the clearly much
worse predicament of these two
countries, but it has been very
difficult to overcome the
cautious mood of the market.

Indeed, this is seen by many
bankers as the main reason why
the original loan project
aroused so little interest,
although some also complain
about Yugoslavia's apparent
inflexibility in negotiating
terms and conditions, as well
as the sudden switch in key
personalities late last year
when Dr Bogoev was replaced
as central bank president by
Mr F azovan Makic. the former
ambassador to West Germany.

Deutsche

Bank

Luxembourg
well ahead

Ogem to be spli

/

i v »/

agreement with hankers

By Jonathan Carr in Bonn

Exports
boost Deutsche

Earnings advance by Perstorp

BY WILLIAM DULLFORCE, NORDIC EDITOR, IN STOCKHOLM

Babcock

By Our Bonn Correspondent

DEUTSCHE BABCOCK, the
West German power station and
mechanical engineering group,
increased profits, orders and
sales in the year to September
30, 1981, chiefly as a result nf
flourishing demand from abroad.

The company gave no details
of the profit figure, but said the
overall srnup orders intake rose
bv 22 per cent to DM 6.5bn
fS2.82bn). Orders in hand on
September 30 were up by 10
per cent to DM 11.3bn— of
which no less than 72 per cent
represented export business.

Group sales increased by 12
per cent to DM 5.6bn — with
expnrts accounting for 60 per
cent.

In 1970-80 the group achieved
good operatina results, but set
aside an unusually high sum in
reserves as a precaution against
risks in its foreign business.
After-tax group profit was down
to DM 24m from DM 45m.

PERSTORP, THE Swedish
special chemicals and plastics
concern, reports a 13.6 per cent
rise in earnings to SKr 50m
($8.9m) for the four months
ended December 31 and appears
to be on target for the profit
recovery in 1981-82 forecast
last month

Group sales advanced by 15.2
per cent to SKr 645m ($115ra)
in the four months- The fastest
sales growth, 22 per cent, was
recorded by Perstorp Kemi, the
chemicals division.

Devaluation of the krona in
September added a net
SKr 2.9m to earnings. Capital
investments dropped from
SKr 35m to SKr 20m over the
period but are expected to
exceed SKr 100m for the full

year.

During the four months
Perstorp signed an agreement to
buy for an undisclosed sum the
amino plastics operation of
Italy's Resem SpA, a subsidiary
of Montedison, This purchase,
it is claimed, gives the Swedish

concern the world leadership
in the production of amino
plastics through manufacturing
units in Sweden, Britain,
Austria, Italy and the U.S.

Perstorp followed up earlier
this month by announcing the
formation, together with Ultra
Empreendimentos E Paitici-
pacoes. of a joint company to
manufacture and sell amino
plastics in Brazil. The plant
is scheduled to start operating
in 1983.

At the weekend Perstorp dis-
closed an agreement under
which Astra-Syntex will market
its wound healing preparation,
Cadexomer iodine, in the Nordic
countries. This is the first of
several such agreements it
expects to conclude in 19S2 for
marketing this product.

* ★ ★

SKANDIA, Sweden's largest
insurance company, proposes
to raise the shareholders'
dividend by SKr 1.50 to SKr
12.50 a share for 1981 in spite
nf a slimmer than expected

profit growth.

Pre-tax earnings edged up by
2.7 per cent from SKr 594m to
SKr filOm ($l09m). according
to preliminary figures. In Octo-
ber Skandia forecast final
earnings fnr 1981 of around
SKr 640m. Profits after tax are ,
estimated at SKr 76 a share
against SKr 74 in 1980. !

Profits from investments and |
property management advanced i
from SKr 393m to around
SKr 500m. accounting for all
the profit growth.

Earnings on Swedish non-life
insurance declined by SKr 56m
to SKr 230m while the loss on
international non-life business
increased from SKr 85m to
SKr 120m.

Premium income from non-
life insurance rose by 16 per
cent to SKr Thn and is expected
to reach SKr T.fibn this year.
Sales of individual life Insur-
ance increased by 10 per cent,
generating a profit of around
SKr 1.2bn. which under the
Swedish law Eoes in its entirety
to policyholders’ bonuses.

& & # f f

# *

# \ f & # &

Commerce Southwest Inc. is a Dallas-based Texas bank holding
company with eight member banks in North Texas and a two-bank
acquisition pending in Houston. The year-end accomplishments
reported above are punctuated by performance ratios which rank
CSI among the best performing banking companies in Texas. Return
on assets for the year 1981 was 1.60%, up from 1.08% in 1980.
Return on stockholders* equity increased to 21.05% for the year
1981, as compared to 14.40% in 1980.

Highlights of 1981 include the sale of $15 million of convertible
debentures in the European capital markets, the listing of
Commerce Southwest common-stock on The New York Stock
Exchange under the symbol CSI, and surpassing the $1 billion mark
in assets. For more information about our performance and a copy
of our 1981 annual report, contact L. David Harrison, Executive Vice
President-Finance, Commerce Southwest Inc, P.O. Box 50972,
Dallas, TX 75250. Phone: 214/65&6145.

COMMERCE SOUTHWEST INC

LWTbaw/tefenal^ricofCocaeiareeBuMngf«25BrnareBt t Mias l T«ffi75aJl(2l4)6S8«oo

BY CHARLES BATCtELOR JN ROTTERDAM

Deutsche Bank's Luxembourg
subsidiary reports a strong
growth in business volume
and income In the year ended
September 30, 1981, bat it
warns of growing risks in
international lending.

The balance sheet total of
Deutsche Bank Compagnle
Ftnanciere Luxembourg rose
by nearly LnxFr lOObn or
about 32 per cent, to
LttxFr 409bn ($lfl.4hn). -

However, much of that
growth is the largest in the
bank’s existence — was
because of valuation at in-
creased U.S. dollar and
Deutsche Mark rates. The
actual expansion of business
was less pronounced.

The Interest surplus of
LuxFr 3-4bn was not less than
86.3 per cent higher than the
result for 1979-80, and a profit
for the financial year of
Lux.Fr 758m was recorded.
The latter sum, as In the past,
is being allocated to free
reserves

The bank noted that in
1980-81 it managed 24 inter-
national syndicated credits
worth DM 3Sbn (516.51m)
whereas the previous year it
bad managed 38 credits
totalling DM 12bn.

Although the total volume
of lending had risen, die bank
said, Its policy remained
“ restrictive and reserved."
Growing risks and persistently
unsatisfactory spreads had
caused the bank to decide
several times not to
participate in international
syndicates.

Deutsche Bank .Luxembourg
felt that the Eurobanking
market as a whole was enter-
ing a phase of more moderate
growth. Adeunate limitation
and distribution of country
risks implied Increasingly
selectiv lending.

OGEM, die loss-making Dutch
conglomerate, is to be split up
under an agre emen t readied
with its hankers. Profitable
companies will he brought into
a new holding to be called
Vyverbos/TBI, while the loss-
makers wfiH be sold or' dosed-

Negotiations are stQl con-
tinuing for the sale of a large
part of Ogem’s trading opera-
tions to the Geneva-based Trans
Gulf International, a shipping
and trading concern owned by
the Gokal family , of Pakistan.

Ogem has at '-the same time
asked for Fl 40m (515.8m) of
government aid for the Stokvas
trading . group. Which is in-
cluded in the negotiations with
Trans Gulf. This would allow
Stofcvis to continue to operate
independently if the negotia-
tions

The restructuring will guaran-
tee the future of companies
accounting for sales worth
FI L2bn, less than one-third of
current Ogem turnover. A total
of nearly 50 companies will .be
saved in the building, machine
tool, industrial and electrical
sectors.

A further 12 unprofitable com-
panies wffl comdnue to operate
temporarily under the Ogem

group name but win bp .arid
off or closed later.. .-.Otea, gn
independently . . quoted trading '
group In which Ogem hag a 56,
per cent stake wffl /nftt.be
affected by the feorgaosarioiiL
Ogem hopes to sell Stttafe anc(‘
the new African Trading .Com-
pany, with combined • sales- ^of
more thanFllt^.toTran^Giflt

Ogem and its vbanfceza have -
agreed to form ~a trustjMuch,
through. Vywrb os/TBI : Holding,
will own the' successful Ogem
companies. . The bank ooraor-
tium will finance the purchase
by Vyverbos of the sound Ogem
companies with a : FI 14QmloAh,' •
equal to the net assets of 'SnSe .
companies. • “ 1 ' \ - ' . .

The consortium, • comprising
five Dutch and 16 foreign banks.
wffl therefore become the; in-
direct owners of Vyverbos. but
the banks have chosen, to work,
through a -trust' to; afiOw the ‘
Dutch banks to retain their
traditional distance ; from- tor- -
dun try. .. ,1 •

Once :the •.Vyverbos. r -com-'
parries are - working smoothly .
together the intention is to - sen.
them as - one unit, or ■ indi-
vidually... ■ Vyverbos could
theoretically be floated on the

Amsterdam stock exchange.
However, this would be_a.risky
venture, Mr 'Hairy Ijuigmaio,
board . member of. 'Algemene
Bank Nederland, v wbfich' heads
the.. consortium, 'said. -
The banks which have sop-
Parted -'Ogem over the past 'two
years vwSH LCohtihue to ' finance
- Vyvertos.' 7 ^^ stiff,

has Credit of ;FL-5GQnr dutstShd-
.ibg to OgMn cori^JameSi 'HoW'
ever. /all financial links between
the Vyverlx»' companies - and
those rmriaihing wtiiih; Ogem
have J been;; severed. This -will
aBow the Vyvert companies
‘to make- a iresjj ■start
. Cardholders, in Ogem, whose
stock- exchange listing rywas
suspended last week. at'rarifer
FT, 2 per jnoxmnal share/" w 0 l
not ; benefit ^ from the new :
' airangeinent ■ -and have lost
their .entire' investiaeHt. '■ ^ ; - .

/Ogem Eacurred a ‘net losscf,
; FL SOnji ■ last: year , on. turnover
o£ around FL . '3.96n: * lHgh
interest charges , and the '.Com-
pany's . failure ;.to. sell" "loss-,
making subsidiaries meant that
it had no future 7 In' its exastiifg \
'form. -The only aftenfetiye.-to ■
restructuring was ./for- the;
entire, group to -file-" for: bank-
ruptcy, the Ogem hoard sakL

£. : ;

- i. V* V. -

Reduced

Elkem expects slip into
red despite higher sales

BY FAY G)ESTER IN OSLO ]

By John Wicks In Zurich

ADOLPH SAURER the Swiss
engineering and conrmercsal-
vehvcles company suffered a
further loss in 1981, but says
this was less than half Jfre peter.
vi otis year’s loss of SwFr 10.6m
($5.7m), and cashflow was sub-
stantially op on the SwFr 5.1m
($2.75m) booked in. 1980.

In 1980 group turnover
amounted to SwFr 617m and
the company mobilised unpub-
lished reserves to reduce its net
loss to SwFr 3.76m.

The company, says recent dis-
cussions with its banks have
resulted in the guaranteeing of
necessary financing at least
until early neat year.

Outside experts are currently
looking: at ways of improving
the profitability of Sauer's
foundry rast in Aribon.

Prospects in. . tile texffiHe
machinery- market - are- -said -to 1
be noticeaWy beater than for
the industry , as a whole and
better results are anticipated ha
the industrial services sector.

Despite this, Saurer’s manage-
ment expresses concern berth
over the future for jobs in Swit-
zerland and over its foreign
operations.

ELKEM, THE Norwegian
metals, mining - and manofact ur - 7
ing. -concern, expects a loss of
artxmd NKr 150m 1 525.6m ) 7 on
its operations in 1981, compared
with a profit of NKr 178in in
1980 . and NKr. 2fi2in. in 1979.
Hie group attributes' the' poor
result mainly to the continuing
international recession , whach
has led to weak .demand nd'
heavy pressure on prices for its
main products— fiteelp 7 ' ferro-
alloys and' ahapiriimn. -Other ■
factors were, rori developments
in . Norway, high interest rates
and the strengthening , of the
dollar. • -. -• •• ■ •

. Turnover last yearjreached
^bout NKr.4.7bn ($893m),com-
■ pared witii.NKr_3^bn^m: 1980.

- The increase .partly Ciefiect^

- Elkem ’s acquisition in of

Unkra Carbide’s five ferre^oy
plaints in the UJS. and Norway,'
■tT-S. ' interest rates '.in the
second half of last year were
higher tha nexpected, and an
l expected economy

did. not materialise: As a residt,
irarnings by the U.S. plants were
lower tiian expected. ;Even so,
fSkem's ^iare of -Ihe, newly
acquired 1 operations -in the- U.S.
and Norway showed- a profit in
-the float quarter. - i

Underlying
growth for
Weinerwaid

By Our Zurich Correspondent

THE Wienerwwkl restaurant
and hotel group booked record
turnover of SwFr L77bn
(5950m) last year. The Swiss
parent company WienerwaOd
Holding, say s that whale . this
was an Increase of only 5.1 per
cent in Swiss Francs, growth
was oonskierably greater In
terms of local currencies. Cad-
cujated in Deutsche Marks, the
currency of the most important
European operations, sales
have doubled since 1978.

At end 1981, the group had
1,551 restaurants, hotels and
subsidiaries. The IHOP and
Lams restaurant chains to the
U.S. bad 800 outlets, and there
were more than 450 res-
taurants. . hotels and other
operations in Germany.

!'s the reader.-
s expansion fo:

. Protiti it's your ’o-ottom line . end
Louisi'cna has been a :eader in new busine
tri-5.!cst four years in the Lt.SA.

louisianc oeiieves in business, end we're ready -c
prove >t to you. Icjisiana's pro-business laws ate contrifc-...--
mg factors, but that's nqtaii. We have a ia rge available wet;-,
force that v/e wi i! fra in to :a:eet your needs at no charge, wo ii
work with y ou ro find the best location, we' !' assist in'secunnc
financing, ana a Icf rn.cre

Louisiana's got v/ned' it rakes for your company to "a--
a profit; i

UISIANA

WORKS, w

Write on you; company ;eT "'-
to? our free- report to '
LOUiStAMA WORKS

' or:-
C

<5 Avenue Victor Hugo.

75 ffO PARiS. Frcnce
Telephone ;33-h 5C2-1300.
Telex 620 6?S ?

'Snu; Contrsi National BankcrfMoKuw^TlBaa! Cownww PakwayBank, HA, DaUa^ Gannas A Uachams
NaUonal Bank of Kaafman,"&xB^ First Bask ATtuMoI Rlctianloon.'texasf'IiiKonfflNatkMi^BwiK erf Stvsoca^
-Ussa^ Whits Rock Bank, DaBas.

Nndhg AequWfloicHoustraj Banc*h»e8 r lnc.{HoufllC8t C»y Bank and Ifeu^bB NtatbScbBari^

IWhnw iflii i^ iiaiiw t iiiilMiiwi rti tiii iw iii o i HilU w rtP i Ufca iraiMMBiah.

WESTERN UNION CORPORATION .
WESTERN UNION TELEGRAPH COMPANY
US $ 50 , 000^000 u ' .

Medium T«nm FbdRty.

Mmaadby

SINGER & FR1EDLANDER LIMITED

PRudadbyti

Ctoadtan toi^UnkGroup ,
Matin* NGiflaiid tedc^ NJL H-
National Wo a t mlna twr Ba^Otoup

Nadariandscha Btiddanstambbank N.V.

• ' CrodHtyonnala - c V.'; > v

Brat Pantwyfvania BdULA.- £r;* : y

.- Toronto DamWon V
M a nu fac w aw rv ■Wl lVadi^MBtOg

.1

• FjRanciai 'fiiSes Tuesday January 26 1982

^ INTL. COMPANIES & FINANCE

■■'■ '(.:

W

' sale!

Growth lor
National
Bank of- J v
Bahrain

. By Mary Frinfs fertabriw* _

PROF TTS . AT . . iiw ifatkmal
■ Sank of Bahrain, which is «Ser
: brafitng its Nfaer, jQhfjtee, hare
risen -by- 42. .pec. cent to
BD 6.82m (U.S4I8m) for the
year ended December 31, 1981.
In 1979 and 1980/ earnings in-
creased by 25 and-3a per cent
- Teepectireiy. . - . .

: Mr Noorudfctin A. Nooruddin
i the ‘ l»nk*s . general manager

.• said . -total assets, ;•; ecdudmg
contra accounts, - amounted, to
r - BD 390m ($L04bo),^4iHHrease
of 31 per ‘.cent ■ Customer
deposits arose by 34 per bent to

- ED 238m, ■ with -time deposits,
in both local currency and dol-
lars, 1 ‘«J BD :185m showing a
fastbr xate .of growth than
current and sayings accounts.

Advances-' and overdrafts at
BD 158m were up 27.5- per cent,
compared with -a rise of only
■ 9 per cent in 1980. Contingent
h^nlitaes: increased from

BD 51 m to BD film.

' - Paidnp: capital . was increased
over the year from BD 8m to
V BD 14m,1rith BD: 2m of the
. Increase coming from a rights'

" issue in DecenSber on which
the premium of ' BD 10m was

• added to . statutory reserves.
Shareholders equity now totals
BD 37m compared with BD 20m
at the beginning of 198L

Tbe . hiarfcet value -of, the
bank’s BD1 Shares advanced
from BD 30 to BD 36, following
-the ‘ reconatthebdation by. the
board of a 10 per emit - cash
diridend.and a 50 percent scrip
issue.

• UNITED GULF BANK, in
'•whSeh the » major 'shareholders
“ gre: Kuwaiti financial institu-

- -tiohs. has declared a US$17m

- profit for 1981; its first full year
' cooperation. UGB is licensed Jn

Bahrain ‘as- an offshore bank,
’.and’ its subsidiary; United Gulf
Investments, was last!, year
:! granted an investment, banking
Mceuce.'

Mohammed al Nbnri, the
managin g director, said Just
ever: film of the year’s profit
would Re capitalised and the
balance. transferred, to reserves,
The remainder of the bank’s
anthorisedcapitaj of $150m will
be called up this year in two
instalments. UGB is currently
CsefeJihg th*

' Bahrain. Monetary Agency fot-t.
/ a 3100m increase in. authorised

- capital* of V?bich. half would-be

Iritwna^Bal
^BauK^ wtdcb’ ^’to* have a
jup capital The two-

: . .We*& registration , period riosed

• ..dm S»na%anrithe latest tally
""of afbwriptions- 4ms inched

• US$2. 9&n.- Flnad- results are hot

- e xpec t ed - before the end-of*the'
r.-humth,';, - ' f .

CHANGE AT THE TOP AT LUFTHANSA

ride ahead for Ruhnau

BY JONATHAN CNRR W BONN

^ If YOU take Lufthama. its
for a smooth ride in th« first
iwce,” says the West German
arthitfa .confident advertise-
ment. It is doubtful whether
HerrHeinx Ruhnau, a senior
aval servant in -Bonn who will
become -Lufthansa's new chief
executive from July 1, feels that
the statement applies to him.
Indeed, he has . established
-something of a record by run-
ning into serious turbulence
even before, has career in the
airline business has got off the
ground..

" Herr RuJmau’s election 1st
Friday by the Lufthansa, super- .
visory board (with 14 votes

in- favour. fOW a gyf:n«ff and two

abstentions) was accompanied
by a barrage of criticism —
highly, unusual for such an
appointment in Germany. One
third of Lufthansa’s . some
30, 000-stxong labour force
appealed in a message to Chan-
cellor Helmut Schmidt to "help
us, so tint a solution win not
be forced on us winch would
mean no end to the unrest
inside the enterprise and in
public.” A spokesman for the
Christian Democr^ (CDU) .
parliamentary opposition
claimed that Herr Ruhnau’s
appointment was primarily a
political one— and some German
newspapers have agreed.

Behind the criticism he
personal and . political motives
which are hard to disentangle.
Above all there is the pride of
Lufthansa employees in the air-
hne, which they feel has
weathered the economic storms
of the past few. years better
than most of its rivals. Many of
them dearly fear that this

success may now be put at risk
through the change at the top.

Dr Herbert Cohnann, die out-
going executive chairmen, who
will be * 61 next month,
personified the company to an
unusual degree. He has been
connected with flying almost
since he left school He was a
wartime Luftwaffe pilot and was
in at the start of the reborn
Lufthansa (the company was
originally formed in 1926) in the
early 1950s.

' Since 1972, Lufthansa has
grown under his chairmanship
to an airJdne with about 100 air-
craft It carries nearly 14m
passengers annually, and had a
total income of more than
DU 0bn last financial year. Net
profit totalled only DM 5.6m in
1983. but that was a year when
losses of International Air
Transport Association (IATA)
members amounted to more than
DM «m.

-It is little wonder- that Dr
Cuimann became known as
‘’Mister Lufthansa.” Although
about 75 per cent of the share
capital is in the hands of the
Federal Government, be in-
sisted on running the airiine as
though it were a private, com-
petitive enterprise.

It is against this background
that Herr Ruhnau has emerged.
A state secretary at the Bonn
transport ministry for seven
years, he is also a former
Hamburg senator (state
government minister) for
interior affairs, a member both
of the IG-MetaU metalworkers’
trade union and of the ruling
Social Democrat Party (SDP).
His critics at Lufthansa note
that be has no experience of

airlines and say the Cuimann
legacy of managerial independ-
ence and competitiveness will
be squandered. They also con-
sider it poor timing that a civil
servant should be appointed to

Herbert

retiring

Cuimann
chief executive
Lufthansa

run Lufthansa just as a
manager from the private
sector — Dr Rainer Go hike of
IBM— is being brought in to try
to sort out the loss-making
Deutsche Bundesbahn (the
federal railways).

At least part of the criticism
seems exaggerated. Very few
people, of whatever party,
dispute that Herr Ruhnau has
been a model of managerial
efficiency in Bonn — hard-work-
ing and loyal though not quite
making it to federal ministerial
office. Some of those who have
seen him in action complain of

Malaysia Textile to buy
Johore plantation group

BY WONG SULOMG M KUALA UIMPUR

on. >■

MALAYSIA Textile Industries,
the restr u ct u red textile property
group, has announced the
purchase of a plantation
company for 80m ringgit (535m)
from < a prominent - Indonesian
Chinese family. .

Under the deal, MTI will
acquire -Agahesn Sdn. ■ Berhad
.from' the li^m fanul^ through a
caslf. -and -share': offer.; : Agliem
owns throe' estates, in South
Eastern ; Jehore^ covering 22,113
acrfcs * 'of - oil palmy itrbbef,
cod^-'kaJ.^oecrauts. _TS»*re is

oil

' The^ricfc-worfcs oak at some
6,6QP'rtng^tt>er acre, the going
price fat .estates around. Johore.

Mil SSid it Wffl issue' 17.77m
shares.:- of one :rrnggit : each
valued-; at 225 ringgit -to the
Laemffamily as the first payment
of 40m ringgit. It • will then

make two cash payments of 20m
ringgit 12 months and 18
after the first payment.

The. estates are. expected to
bring in pre-tax profits of some
9.4m ringgit for the first year,
and would -improve MTTs earn-
ings per share from 5.6 cents
to 22.7 cents by June 1983. Net
tangible assets of the enlarged
MIT would increase from L19
ringgit to L44 ringgit per share.

Until 18 months ago, MTI was
a texts e company controlled by
Hong Kong businessmen, who
sold off their -stakes to Tan Sri
Kamarxd A-friffin , the chairman
of Bank Bumiputra and Asso-
ciates.

' After the change of owner-
ship MTI branched off actively
into property development and
is now moving into the planta-
tions sphere.

Profits rise at
Sembawang
Shipyard

fiy George Lee in Snppore

[-SEMBAWANG SHIPYARD, the
major Singapore shiprepairing
group, has reported a 20 per
cent increase in group trading
profit for 1981 to S$105.1m
(U.S.$51m). Net profit was 23
per cent higher at S$64Jhn after
tax up by 16 per cent to
S$40.9zn.

A final gross dividend of 20
per cent has been recommended
for an unchanged total of 30 per
cent for the year.

The company also announced
a one-for-two scrip issue to raise
its existing issued capital from
SglOOm to S$150m.

Sembawang Shipyard is
majority owned by the Singa-
pore Government It has two
dry docks with - a combined
capacity of 500,000 dwt and four
floating . docks with a total
capacity of 340,000 dwt.

• -t

*Ji

AH these Notes hove beat sold, This announcement appears as amatter of record only.

-7.y

Modish State
Corr^jany Ltd.
Statsf&relasAB

-Swedfeth [State Company Ltd

Z Statsforetag AB

• ’ (Incorporated inSvfeden with limited liability and wholly owned by Che Kingdom ofSyveden)

U.S, $50,000y000 15% per cent. Notes 1987

1 : issue Price 99^ percent.

Interest payable annually on 15th January

WA"’--

N

■ * -HV.^

Hambros Bank Limited . P Kbanke n Group

Dresdner Bank Aktiengcsdlscliaft
Merrifl Lynch International & Co.
SkandinayiskaEnskilda Banken

Credit Suisse flrstBoston limited
Kredietbank International Group
Morgan Guaranty Ltd
Svenska Handdsbanken

Union Bank of Switzeriand (Securities) limited

A ^cmenc n»mlr> J>vferhrn d N .Y.

BaiKaConuneraaleltaliana
The Bank of Bermuda

XJndtcd

Basque BruxeQes Lambert SA.

IGroop

Baucadd Gottardo

Amro International

Thnlrwl

- Bank of America International
United

Bank Leu International Ltd

Arab Banking Corporation (ABC)

Bank Julios Baer International
United

Bank Gntzwfflar. Kutz. Bnnngng
(OmwlnL .

Banque G£a6aledu Luxembourg SA.

BaaqaeNafianaZedePaos

Banque Internationale a Luxtmbonrg SA.

Bardays Bank Group ■ ■

CkissedesDftpOttrtConaauatiqw . CaoicgfeBon dko m m Bao n AB

Cmfitanstalt-Bankveiun Credit CommeraalcU: Ban ce

Baring :

BqyeriscbcLaadqbnk

(EsBBntle

Bank Mees& Hope NV
Basqsederindocbine et de Suez
BanqoedePariret desPays-Bxs (Suisse) SA»
jtprJfnt*- Frankfurter Bank

CtBC GtscorpInteroatzonalGroup

DGBANK

rv itiH p Q q j a jan ***^1^"^
finidman Ciiflw fufmWfinnal COrp.

Dams Europe

United

- county Bank

DomS Securities Ames Europcan^^g Company CeGnahaemaHaulLtd.

Limtel Mambro Australia Hambro Pacific . Hfll Samuel ACto. The Hongkong Bank Grotqj

t United . , Limited

r International Hdnwon,Bensca KnwaaBjreignTiadingCbntiaanig&IiivestmentCo.pJUC)

Lazard Brothers & Co. LaaardFrSresetCSe Lehman Brothers Kuhn Loeb

n^»"i haenwkwL toe.

GOtabanken

IBJ International
United

KW * r ' Peal uSw?

Kuwait Investment Company (SA.K.)

Tfoyte Bank Intematitaial
LWnd

Morgan Grenfell & Co.

Manufactmers Hanover

llmilnl

MorganStanley International
PrivathankeuA/s

Mitsui Rnancc Europe

Nordic Bank
. 1

Samuel Montagu &Co.

T Imrtfti

Orion Royal Bank

Limited

Salomon Brothers International

Priva««nKcnA/s Rowe&Ktman

ScmufiritrimBsak SodafiGcnoaledeBanqueSA. SparbankouasBank

Strauss, TUrnbuQ&Co.

< &mdsw>nehiwik«i

Union BankofEnland Ltd.

Ycrcins- uud Wesg taflk
AJatas*i*dto±aft

&. G. Warbrag&Co. Ltd.

'WesfcdfldschcLaadesbaalc

(Hrozenmle

Wood Gundy

Uniitd

January, 1982

a brusque end sometimes
authoritarian style. Yet Dr
Cuimann hims elf has been any-
thing but indulgent on
discipline. Whatever else hap-
pens at Lufthansa under Herr
Ruhnau. it is stressed that there
will be IK) “ featherbedding ”
from the state.

That said, much of what has
happened over the last few
months is likely to leave a
bad taste. Repeated press
reports emerged without clear
foundation that Dr Cuimann
wanted to retire “on health
grounds” — although his con-
tract formally ran until 1984
and he appeared to have re-
covered well from an accident
in the mid-1970s. Dr Cuimann
kept his own counsel and last
Friday publicly wished Herr
Ruhnau well as his successor.

At the same time a new wave
of press reports has appeared
about an affair several years
ago. in which Lufthansa is said
to have paid unusually high
commissions to a travel agency
to generate extra business: This
would naturally reflect on Dr
Cuimann, although the super-
visory board is said to have
known of the transactions.

Further, the very intensity
of the protests within the air-
line has soured the atmosphere.
And the Transport Ministry
managed to make a difficult
situation still worse by suggest-
ing that those at Lufthansa com-
plaining about their new boss
simply wanted to retain a
** comfortable work style.”
Whatever else Herr Ruhnau
can expect in coming months,
it will hardly be “a smooth
flight in the first place ”

25

V

Tt^AManS'SCSi^^AH^AOSASAMATTHttffBSJOPCCS'tY

¥ 3,2’7'7,‘723 i O’7B

GUARANTEE FACILITY

ARRANGED 9Y

BANQUE DE LA 50CIETE FINANCIERS EUROPEENNE

STE GROUP

proves) BY

BANQUE DE LA SOCfETEFTNANCiBIEEUROPEQtfNE
SFEGHQUP

BARCLAYS BANK SJL, PAHS

Elektro-Finanz A G,

holding company of International Isola Group ,
has been acquired by Essex Group, Inc.,
a subsidiary of United Technologies Corporation.

We initiated the transaction, acted as financial
advisor to Elektro-Finanz AG, and assisted
in the negotiations.

Morgan g? Cie S.A.

A subsidiary of Morgan Guaranty Trust Company of New York

January 2S82

Canada Cement Lafarge lid

through a United States subsidiary has acquired
through a tender offer and subsequent merger

General Portland Inc.

Dillon, Read & Co. Inc.

January 25, 1982

“’"MW**#-.

FT UNIT TRUST INFORMATION SERVICE

OFFSHORE &

S.6. Europe WpB BB I S-A.
9 . Ahsm de butertt laa tmtaw

ECZM 5TA. TflL 0420 0776 Tefcx #7281
Ei«p*-0ba^tloM_4 US$44.98 HUE) LBS

uomld Joseph a Sow !6»nw> B 5wt & Proper Intwrattow!

<=347**

- - 343 -~*i ,SI?

70S, 80C0 man* L Total 524269

Ebo&c Imstroanb LU>

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— LUenwtPoHBqrHRVECa 00-6234680

— ^AMWkFd-SA-j^^^^j^g JJg

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FMtffty Mnmatbml Ltd.
P.0. Bn 670, Hampton, tenra*

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37, mo Notre-Bsuue, Lnaafaoure
R*nta9J«ii-19 1 US$fiLS9 1 — i

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WrMsrel. 04000

5ST& srsdSS 13133

Korn foterutfiml Trort

Fasfl Kami Karoo liwscL Tout Co Ltri. ***»

ejsnsL* *• "• "ffl&usa

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22- J. Hun

Senricn (Jersey] Ltd.
jpUn Ita inwrr 27.

Few VterU Fond Ltd.
emferToU Hide, HardftM. BermA.
NAVDec.31 1 US T0 5 33 2 | — J

6. T. Maaganrat (UX) LU.

Tfef Korea Trvst
Boehm li Mri m m l That C a.Ltd.
no Sauna, 1-324 Y ulH Amg, Smut, Korn.
NAV | US$1530 HUB) -

Win 4 Co. Ltd.

01-6884000.

Prices at JuTO. Hat aC. Jan. 27.

Birtlnii Ksngn Umar) UL
P.0- Bra 63, SL Refer, Jersey 0534 74806
Barb.HK.Fnd P035 2SU| — J 2JJB

Bardni Unteern l itewti a B l

2. Oaring Cm. SL HHIcr, Jersey. 0534 737*0

UwBlTmst— »2. w 37 &A — \ OSiS

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UBBd Orcttm 4 Cm Ucnty) Ltd. . __

PA. Bn 13B.SU Motor, Jws*y,C.L 0534373U. Srtreto Drt

&g£ JHUflhdi Mi

Trust Mgn. tat. Ud.
tatrSovratr- OCSO 28750

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Do.Aurt.IMIn. — 4 2«

Dc.Crtr. PScfflc C*i8 236.g 4

Da. In*'. Ineamr EA 3afl — 4 M-«g

Do. We oi Man Trt—BjLl 41M — 1
Do. Manx Modal — (503 5471 „-4 OAO

nstapspate CwudciHtf Ser. Ltd.

PA. Bn *2, Doaotas, Lo J4. 0624^3900

6SSIf^tL 4 4=m Mda

& =3 =

Wstnd^. =6o Wd “O. vSF*. Feb. 4.

BrMoc BbnenMNmt Ltd.

GP0 Box 590, Hoag Kong

isaMtik=uniii=i «

j38 Uesrds Dft. (C.L) O/T Mgn.

P.a Box 195, SL HeWer, Jenny. 053427561
^.g^r-4 123

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PA. Box <39, 12U Genet* 11 (Swftnrfamd)

047 UoTd) Bank btewHwid , Ca wnsey
„ P.a to 136, G uei ru e j, Cbnwl Wndl.

fiartswne brmt Ltd. Lira. Ago. AJamderFtad I USS1Z4B I J —

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PA Bax 1776, Handtao 5, BtrmBL
Managed Food (taUTTI U456) ( -

01^264568 SHpad Ufa Aasamcc C«l Ltd.

— ~ 2C Secretor/s Lane, Ghndtv 01035073037
:n H*s S«rfiS»a*sH-B220 2201 — J -

+1E 4^ Stager A FrMbnder Ldn. Agents.

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3 MB stmt Doagta, IOM 062423914

Strategic Maul Tr.-WSSOMZ 2966) J -

StranghoH Maagennat limited
PA Box 315, SL Hotter, Jersey. 0534-71460
CoBflKxflQrTian P3S50 14263J J —

Cutaness Mahon RL Mgi (Gserasey)
PO Box ZBSL Sl Peter Port, Coennoy. 0481 23506.

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Brawn Mripley TsL Co. (Jtruy) Ltd.

PA Bax S3, SL Kciler, Jersey. (£5474777

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PA Box 193, HamBtM, Bsraoda.

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J .ZrVJ, UCUCVd, OWlUiClilUiU j

Financial Times Tuesday January 26 19S2

SSL, CURRENCIES? MONEY and GOLD i ^

Dollar firm

THE POUND SPOT AND FORWARD

The dollar was sharply firmer
In currency markets yesterday in
reaction to an unexpected rise in
U.S. money supply figures. Euro-
dollar rates were op to a full
point firmer and limited central
bank intervention by various
European countries appeared to
have little effect on the dollar's
rise.

Sterling was weaker overall. It
wag mostly steady against Euro-
pean currencies but fell against
the dollar to its lowest level
since late October, despite a
slight rise in domestic interest
rates.

The Irish punt fell within the
European Monetary System
yesterday to be placed only
above the Belgian franc, the
weakest member. The Dutch
guilder remained the strongest
currency ahead of the French
franc.

DOLLAR — Trade weighted
index (Bank of England) 116.5
against 109.3 on Friday and 11L5
six months ago. Three month
Treasury bills 1L56 per cent
(15.56 per cent six months ago).
Annual inflation 8.9 per cent
(9.6 per cent previous month) —
The dollar rose to DM 2.3370
against the D-mark from
DM 2.3065, its best level since
late September, and SwFr 1.S675
compared with SwFr 1.S525. It
was also higher against the yen,
dosing at Y229.25, its highest
level since early November and
well up from Friday’s close of
Y22Z- One month Euro-doUars
rose to 15 per cent from 14 per
cent and three month to 15g per
cent from 14} per cent.

STERLING — Trade weighed
index 90.7 against 90.7 at noon,
90.9 in the morning and 90.9 at
Friday's dose. Three month
Interbank 14| per cent (144 per
cent six months ago). Annual
inflation 12 per cent (unchanged
from previous month.) — Sterling
opened at S1.8650 against the
dollar and started to ease almost
Imm ediately. By noon it had

slipped to 5L8550 after a fairly
active morning. However it
showed little change until mid
afternoon when it fell to a low
of SL8480. It recovered to close
at SIH540-L8550, still a faU of
L85e from Friday’s close in
London and its lowest closing
level for nearly three - months.
Against the D-mark it rose to
DM 0350 from DM 4.3250 but
fell in terms of the Swiss franc
to SwFr 3.4650 from SwFr 3.4725.

D-MARK — EMS member (third
weakest). Trade weighted Index
12L2 against 122.0 on Friday and

116.6 six months ago. Three'
month interbank 1025 per cent
(13 per cent six months ago).
Annual Inflation GJ3 per ceat
(6.6 per cent previous month) —
The D-mark was slightly weaker
overall within the EMS yesterday
and fell sharply against the dollar
on higher Euro-dcHar rafes
coupled with an unexpected rise,
in U.S. money supply. The dollar
was fixed at DM 2L3355 up from
DM 2.3020 on Friday and there
was no intervention at the fixing
by the Bundesbank. The authori-
ties had probably given a small
amount of help to the D-mark in
early trading but this failed to
have any effect as the market
reacted to sharply higher Euro-
dollar rates. Elsewhere sterling
rose to DM 43330 from DU 43060.
and the Swiss -franc to DM 1. 25 20
from DM 1.2463. Within the
EMS, the French franc dipped to
DM 3927 per FFr 100 from
DM 39.31,

JAPANESE YEN — Trade

weighted index 140 from 141.7
on Friday and 138.6 six months
ego. Three month bills 659375
per cent (7.46875 per cent six
months ago). Annual inflation

3.6 per emit (41 per cent pre-
vious month)— The yen was
weaker with trading restricted
by the closure of Singapore and
Hong Kong. The dollar closed
at Y228.65. well up from Friday’s
figure of Y226J. but down from
a day’s high of Y229.35.

.: Day's . • -

Jon 25 spraad ','i Closs Ons month

U.S- liMBKEflOt 1*5*KMSS> 9 , 054.15c di*
Canodr 2.2190-2J32S £2270-2^220 O.UHJ.fflc dl*
Naitilnd. 4-71-4.78 .. .. 4_74-4.7S - 14-l^c.pm '

Belgium ■ 73^30-73.80 73.60-73.70 TO30ct&*

Denmark 1410-7420. TtiBrM.'W . . Vow pm-V dU
Ireland . 1 J22tMi2BM 1.2306-1^310 054-0.4Sp da
w. Gar. 450-435 • 4J3-4J4 lV-1Vpf pm

Ireland
W. Ger.

. IV-IVe.pm -

lOdOctSs

Vow pm-V die

PcnuQBl 124 JO-13530 i24.TB-T26.0O 4^1«0c dis

Spain
Inly
'Norway.
Franca '
Sweden

Japan

Austria

Swlix.

m25-185jQa 184:40-184.60 1&40cdis -1.»»-125dk

2507-2523- "2520-2522 13-1«ir* dla -T.SO 4BJJ4BJ, die

10^-7154 T4.02W1OT*' 2-Vorepm .... .150 24pm

1056-1151 . - 11*1*1452 VHxC die “052 ZV3V 'dta
i 1050-1058 10^ria«5 2-.1V>r» pm . 4V3Vpro

422-498 ’- - : 425^28 ; . ■ « „ • Z9M.65y pm -.- 750 850-7.90 pc
30505045 ’30403445: «-«g»piu . . 5, 134053 pm:

3A&3M 3.46-3-47 , r - 2 : lVcprt» .. S.Ofi.SV'R. pra.

Balgiat.rew ie for eon vertIWe. franca- F[hBncial-fr»ic ^82505250.-
Sht-mcnth forWoni dollar, 155-1U5c. die. . 12 -month 2.15-i.35c di3."

Three - -.
p.a. month*. ,

— 0 JB b^Od.flOdle — VJB
“0«T O.TWaSdja -140
3.73. 5V4Vpm 4.M
-358 83-103 d(a
- O.OS-VZV die . ^-057
-3.89 151-158dia -452
4.15 4V4V pm 454
—9.61 145-450 dta . -Oja
-l.» 96-125 dk -2J8
-T.50 «lis ; -8.W

. 1.50 2V pm . 0.50

—052 ZV-SV'dfa “1J8
213 4V-3Vpm 1.84
750 850-7.90 pttE .^757 .
.5,13 4033 pm "450
G.oe5VJP.pm fc77

THE DOLLAR SPOT AND FORWARD

% Three ,
p,».roontha

UKt . 15480-15650 15840-15650 050Jt.15c dla

Iralandt T.900JM51BD l.aWO-TSMB'. 0«S-CL35c.jJm :
Canada - 1.197B-1:19SS 1.1980-1.-Hefi. par-O.03e.dls ■
Nethlnd. 2.64255.6650 2556045500 1.0a-058c pm
Balglwn 39.5659^3. . 39.70-39.72 /. S-tSfc dis '

□enmerlc 7^110^7.0610 7.6526-7.0575 e.40-0.15or«pin

w. Ger. 2-3200-Z3*» 25306-2.3375 ff50A9tatpm 450 3-22-3.17 pm
Portugal 0755-9750 e?-3O«750 : . aOROndis ^850 "90-200 'dia'. t-7,7"

Spain 9950-99.70 . 99505956 7-17c dfs'. '' 1^5 26-35 dta “151

Italy • .1544-1552^ 15MV-1^60V :8V^iia dfa " .^635 20-2Z<H» IrVT
Norway 5.9036-55525 5.94755 .9525 . OJOdJBOorajim 1.41 2.10-1.70 pm 151

Franca 65050^5975. 55075-65425 aWcpm^-IO dta 0.15 pra-O.Wdta ^

Sweden 5.BS905-7000 5-59005.6860 -i:0045Ome'pnv 1.90 2.90-2.45 pm l.«
Japan 228.50-229 J5 229^0-22990 T.70-T^rpm. ; .8.BU 5.00-456 pm-ftB
Austria 16.29-16.42 16.41-1t5.42 8.2D-7.00grt> pm . 555. 2555-22JSpn 8.7!

SwiU. 15S50-1.874Q 15S7O-T.MB0 1.01-0s.91o|Wn- . 6.17 3.02-2.32 pm Oa

t <JIC and Iralsnd a ra 'quo cad in' tT.S^ curraiicy. Forward -pramioois and .

' discounts apply to tha U.S. doliar and not to iha individual cuironcy..

:~05& 050-0.B0dI» -1.>9 --j
; 350 1.15-150 pn» . 256 - ’
—0.15 0-04pm-.0Wta 0J» . _
■ 457 350-350 pnv 638L
- -3.17 43-48d« =-456

: 0.43 156-056 pm OS7. ’

' 45a 3-22-3.17 poi S^ -
•rtao "60-200 dm". -7.71
—145 25-35 dis -150 -
■^636 »-2Zdta :-a7i J
: -1m 2.10-1.70 pm tJB
a • • 0.15 jmrO.Kdtx

150 2.90-2.45 pii» 158
, .8.50- 5.00-496 pm -thfiB V i
555. 2555-22J25pm 5.79 i .
.. * 6.17 352292 pm. 858 ; _L .

CURRENCY MOVEMENTS : CURRENCY RATES. ,

Jan.- 25

Bank cl
Enuland
- Index*.

Morgan

Guaranty

Ohengea^

Sterling. —

U.S. dollar. —

90.7'
110.5 *

i-33.0
. +3.4

Canadian dollar.-.
Austrian schilling:
Belgian frano__ —
Danish kronor. —
Deutsche, markfi..

. B 8 JJ.
115.9 •
104.6
85.8
.J5L2 •
10X3

‘ — 16.7. .
+ 2 4 J .
,+ao-i
■— lli3- -
- +.43XI .

+ 104.0

Guilder .... — ...

114.0

79.6

+ 19.7

Ura-.^.-fi

- * 66.2

—57.7

Yen

14 IS .

-+.3B.5

[Bantef Special
rate Drawing
% Righto

Based on trade weighted changas from
Washington agrawnant Dacomhar; 1971.
Bank of Btgload loda (biw evinge
1975-100). -

Sterlina— ~-
UA-f.: — -~
. Canadian*-
.Austria Sch.
"Belgian F™
: Danish

D mark.;

Guilder. — -i.
French Fr."...
'Ura«.Ji.«
Vim j.. Ji — ;
Norwgn. Kf.
iSpanloh Pto.
Swedish Kr.

..BwjsaFr™.
Greek Dr ct

- 0.614984

12 1.14916-

14.78 157267 |
65, IB. 5509
14 45.0366 l
.11 8.66493.

-"71* 3.64537 1
813 2.90046
< 91^6.75180 I
19 1418.54

? 51* 259.768
9 6,74729 .

■: 8 . 113.422-
-11 6.47264-

.-6 . 2.12307

201*

0.566886
1,06093,
156547 :.
17.1180
4fcS617 -

2-44204

2.67669

631066-

1509,71

L8«U9Sv

6^2408

104.798"

556664

4-96933

63.7000

OTHER CURRENCIES

EMS EUROPEAN CURRENCY UNIT RATES

MdfeR^u

Currency

amounts
against ECU
January 25

Vm change
from
central
rate

% change

adjusted for
. divergence

Divergence

Argentina Peso- 16,586.18,8061
Austral la Dollar— 1.6800-1.6828
■ Brazil Cruzeiro.-. 244.13-24fi.16
Finland Markka.. 8568r8J»l
Greek Draohma. 1U9.641-112.IU6
10.8254-10.80
149.50* .

40.7572

41 .6090

+134

+0.91

±1.5368

7.91117

7.99747

+1.09

+0.16

±1.6412

2.40989

2.44460

+1.44

+0S1

±1.1077

6.17443

6.ZZ544

+033

-0.10

±13733

2.68382

2.67622

+064

-0.39

±1.5083

0.684452

0.694934

'+1.53

+0.60

±1.6688

Italian Lira

130037

1369.25

+0.6S

+a47

±4.1229

Hong Kong Dd
Iran Rial

Changes are far ECU. therefore positive change denote* e
weak currency. Adjustment calculated by Financial Times.
Siarting/ECU rate for January 25 0.563960

Iran Rial 149.50* -

Kuwait Dinar (KDN 0^344X550'
Luxembourg Fr-. | 73^0-73.70
Malaysia Dollar . Jf4. 1876-4. 1375
NBwZea]antfOlr.lZ.3075?2.3090
Saudi Arab. RIyaH . .6^1-047.. .
Singapore Dol I ar J 3.82 7 .8575
Sth. African Randh.8C70-I.B090
UJLE. Dirham ..J. 6.78-6^4

llO.OOO-lO.OMt
j o.9050-o^dse
mjse-isojur

4.4500-4.461 0
50.86-60.00
- 8.85-5.88: .

. .saw--

0^2844412848

39.TO-3ft.72

2.2630-3.2680

1.2430-1-2440

3.41 9 6-5.4220
2.0680-8.073D
0.9748-0.9755 ;
3.6715-3.6733

Xtietrla.. ;■ ,

IBMglum' J :

Denmark

France.—^-.: l

Oermsny-. I

ltafyfi.fi.. .j

Japan.—..,. 1

Netherlands

Norway.—

Portugal

fpetafifififii-

Sweden-

■Switzerland.
United States. „
Yiamriaviafi

30^0^040/

|= SlV8»a* . :
14J»*Uja>.
lOJBr.UDO-
4.314^4.351*
25102395?:

■ . * IV1 -~

4.711* ■S. 754'
10^2-11.02
"laSJg-lXS ".
1825.-1024-
10.50^10.60
3.441*5.484
1344-1.864-
.. . 92-07

t NoWona ret*:- •* SdWng rata.'"’" i -'

FT LONDON INTERBANK FIXING (1 1 .

3 months U5. dollars

6 months UJS. dollars

bid 15EiB j offer 15 S/4 I bid 15 16/ IB offer "I61/1H

Hie fixing rates am the arithmetic meanaj rauided to .thw n ear e at ooaabdaenUi,
-of the bid and oflorad ratea for SKhn quoted by the market to fire [nstersno* bankx
at 11 are each working day. -The banka jrajfatfoaal.Wdatntinatar. Bonk. Bntk of
Tokycu Deutache Bank. Baoque Natloruile de Parls amf Mdrgao Guaranty-Trust.

EURO-CURRENCY INTEREST RATES (Market closing Rates)

144-144
144-144
145a 145*
145s-1434
1468-143*
143 4 147 8

Asian S (closing rains in Singapore); one-month — par cent; three months — per cent; six. months *— par cant; ons year: — per cent < ‘v" -

Long-term Eurodollar two years 18-10»* per cent: three years IB-UR, per cent; four.yeers 10 V 16 J, per cant; five years 164-1 GS par cent nominal -doalra iibfc-

The fallowing races were quoted lor London dollar cerr/flceCaa 0 / deposit; one month 14^0-14.80 par cent'; three' month*' Iff 35-16-45 par cent* six •

15.80 per cent; one year 15.80-15.90 par cent. v ^

MONEY MARKETS

GOLD

Nervous trading

London dealing bank base
lending rates 14 per cent
(since January 25)
Short-term interest rates were
slightly firmer in Loudon yester-
day, although the level of seven-
day funds was held down by late
intervention to help the money
market through the discount
houses by the Bank of England.
Market sources suggested that

the afternoon. .Major .factors
were expected to be: bills
maturing in official hands and a
net take-up of Treasury bills

Weaker

trend

Gold lost S3 . an ounce from
Friday’s close in the London

-£390m, offset by Exchequer frulfjon nwjfcft-yesterday to close.

transactions +£ 200 m, and a fall
in the note circulation of
+£115m.

at 83711-372*. It opened at '‘$877378. %

• .fixed at FFr 70,30Qk7p^ : ;*'%i,,
($367.48 per ounce)
noon 1 compared with
($370.63) in the mt»wl$nd
FFr 70,000 ($371.69) W^idzy
afternoon. -Wr' '■ '

• In Frankfurt ahe. lMiSohfrar'
was fixed; at VM. 28 , 08 # j£r Wlo
($375.01 * per., ounce) against
i - DM 28,135 ($m.02) prerioosly
and closed at $371-372 *gpn*t-

note circulation of "0*

. . $370-371 an higher UE. interest

T „ .. _ , rates and dollar strength- How-

SL2? Jf*u£S?£,n- ever il recovered to $372.0 at

England bought £3m bank bills ■ the afternoon fixing,
ra band 1 (up to 14 days In Paris the 12* ki

iK.’wsK? r. nssi

jgjST I . C e e r nt c= a ; t th 4r£' e r i n f T e SMMH

i4i per cent earner in me help was gi ven in ^ afternoon

Paris the 12} kilo bar was;

In Luxembourg the dollar per
ounce equivalent of tiie firing
level was $371.75. from $37730 m
Friday.

In. Zurich gold finished at
5370-373 from $376-379. . •; .vs*.

day, and also in reducing over- hv nnr?te^ ^
night funds to 5 per cent at the £ 13i^S S

finish from a peak of 15 per “ OMia z at 13 * P* r ceaL

cent

Total assistance provided by
the authorities through published
hill purchases was £252m, on an
indicated shortage of around
£350ra, but this was all confined
to bands 1 and 2. indicating
doubts about future trends
following the surprising rise in
U.S. money supply figures last
week.

Nervousness about U.S. rates,
reflected in the reluctance of the
authorities to buy longer dated
hills, was also borne out by the
very flat yield curve from one
to 12 months, which were all
quoted at 144-141 per cent

The early morning forecast
was for a shortage of about
£150m, but this was amended to
£20 Om at noon and to £3 50m in

band 2 at 13J per cent Clows Bnui

, „ i *_ , Opening 1373.374

in New York the authorities Morning fixing „s373.so

iu new xorx tne amnonnes woming nxina_M73,
acted to add reserves to the bank- Aft « irno ® r i nxing|6372

ing system by way of three-day . .. ; _ . .

K«»™ d~-."wa4wa 5 . t Ziriu-onv
1UIH1S were at 14fr per 1« Krugarrand... 11974-1984 i£106ia-107) .
coot- 1/4 Krugerrand... 31004-1014 tra44'-543*v : -

...In Paris coll money rose to '{i® Knioorrand S41-42 .. icaa-aa**) :

15J Per cent from 15 per cent S&tfltaSsEZr ’ *■ ■ c SS7- i sS!^

and period rates finned by about wng 8««!SSII5}.EofcS?-'- •-
riV per cent victor la sovs^__ I siOB-ioe . (£&64-&7j-

la i Frankfort call money rose 34Bi 9 -465; . ■ J^eSaoci)

to 10 per cem. from 9| per cent, loo cor. Austria.! 3383-366 ,.(£1953*-I974j

One-month funds increased tn *30 Eagles- | P497-502 .• (£868-27041 X

OoM Buffion (fine ounceV .

• (BSOOU^OOft,) |S8'744^75i* (92004-201) . '

- *173.374 ( £20 0-2004? £3764-3774 V (S20O4-2Dir^-

. <001.0771 -■ja377,75 t • _ taaoi3»». ..

•S 3372 (C200396J ■ p77J35 • ' (£201h«2> -

k£1064-107) v
iC344'-348d- -
(£22-224) : • •
■ (£2075*-2O8H$

In Frankfort call money rose sopMos

to 10 per cent from 9| per cent.
One-month funds increased to
10.40 per cent from 10.30 per
cent, and three-month -to 10.30 per
cent from 10-25 per cent
In Amsterdam the overnight

(£B84-57t
(£664*7; ■
(£43-634) '
(£2484-2603*)
(fil 953**197 1* j -

(£268-27f(4) - .

6386-387 ■ (82064,2(04) '.T
. S199-&00. . . <£1064.1fl63i) ' :
9101 4-102 4 (£541*^45*) '

1414 -424; oeaau-aaa*) « 7

83a7-38& .* . (£20634-2074)' V
! *934*24 TB494-4P4)- - 3 .,
, ttOS4f 1064 (£664-5670) ".

kslOS4-1064 (£664-564)

liWO-MJO-:. (£406341-
| S464488'-;-.r-(8B48-260) i
B666-36S (8195*19S3tF

i tgOq-JHV; * » ■ (28874.270)

S’ to i 0 ' 30 per 111 ToJt y° unconditional call : pasttiron. stated, lead to i fall to/

cent from 10-25 per cent money rose to 6? per cent from SJpercentintiie^aii rate. during

in Amsterdam tiie overaight 6g per cent foOowing tlm iFSue-; the-j^^tfie^ek,'.b^^^^

tmimanged at 9} per o£ a large amount of bank", bills ; depend 'em. the position rdf the
cent, but penod rates were about in the domestic market Tfixpecta- "yen' -a gahra t - ~ strengthening
4 per cent higher. tions of an imprqving llqtiidity ' rt nllar -

LONDON MONEY RATES ' ■ : '

MONEY RATES

NEW YORK

Prime rate

Fod. funds

Treasury bill* (13-waak).,
Treasury bills (2B-waek).,

GERMANY

Special Lombard

Overnight rate

One month

Three months

Six months

FRANCE

Intervention rats ........

Overnight rate -

One month

Three months

Six months -

Ovemlgh
2 days notice.
7 days or_^.,
7 days notisa.

One month..,„.|
two month*., j
Three months
Six months..
Nine months
One year
Two

JAPAN

Discount rate

Call (unconditional)

Bill discount (three-month).

Local authorities and finance houses seven days’ noticed. otJjera'aawsn^ days. Sjurd. Lorra-tarar. (oca), authority 'inortgs®*
rates nominally three years 14^-14?, per cent four, y ea rj l <M, -L<V-pp«wtr 14V 1 4*rtP»r cwi C-*8a»lt]l»iL
in table are buying rates for prime paper: Baying, rates wrifoUwapirtiT bank WOk*** p<r1ath^four mDmfte-'BPtta. : b»F*
14'a per cant. ‘ if. ; ... ' ' ' '

Approximate selling rate for one month Treasury." bifta per eent j^jSro’jnteith#

months 131, per .cant Approximate selling rate tar. one-mOAtfi-taWk- Wl|t -?3»ir. *waj
ttiroe months l3iV-l3 T a per eotif; one month trade WWk Ife'tW.’owt.twdliwafFTT*' P4r<"

y2?-

months 131, per .cent Approximate selling «*• tar. one-moAdiulte^t' &l|s i-?3Wri
ttiroe months i3*V-l3 , a per eotif; one month trade Ml* Ifo'
cent. •

Flnanoe Houses Base Rotes (pabllshad by the rinsrtes House*. A**oc_„
C learin g Bank Deposit Rates for sums .at. seven days’ .notice U’&l^.por.cenii.-Cl
Treasury Rills: Avarope tertder rates of- discount 13Jl89.per-’4tart,. — f~>

27

... . -?J

J

?QkI . 198

w-r.1 ;■;■■■■

? 0^

:\r. — -.

WORLD STOCK MARKETS

% ,'".--.V.V~

NEW YORK

j* ,v

STOCK'

1M

• Jan..

‘■.as/

ca

ACP*fitlu«H«F^ 5S3 1 ' S 58 ®

AMF+... ■i'i.il i,r»’ T i »i| ?.

AM 36s. .35*

ARA »fi ;■ ,*Ws

AVjcCorPw._4_i 131s ;i26*.
Abbott Lab* ....... 26 &* 26a,

..... Acme ci*v«._„ 23 ig -2s*-'

■:.•£. Adobfl O(iA- :at -so* -.aa% v

;•: JL - Advanced Micro, S7U. .

Atafcna Ltf eft Cu> 43Sft 425* ,

•:•.," . Ahm*n«or».(H.R3 11 * • JR :> .

•; : j V AlrPnal 6CIM ^33* 33*;-4

"i»? Akzjomt * lO -: :m ; r

-£l Albany lot ..I 256s: -as* -

- Aflxrt®Cuiv.„rlS. -'., . 12*

V Albertson* — -as -.

AJenn Aiuminfumj -IB ... Jirir'

AIco Standard ..J 18.. -1 ’IB •

"■■ Alexander ftAL_4,26*-ia6*
u. . Aleg ha nyi irU._~l 28 ti i.as*:
I|K Allied Corj»:^4 40* <0*

V Aided Storee.-..:;*26* I-3W1

Aius-Chaimers....* 14* i-l4k -

, v 1 Alpha [ if*..

■Ian:

ai

: C$ :

Alcoa. -

Antal. Sugar

Amax —

Amdahl Corj»— ~l
fcro# ratteH ess ~
AM. Afrlffta*

JtnL Brands-™.^

*+■'- Jfcrr. Broadcast's] 31 j 31*

34 ■ 1 24* T
47*8 *7*.
34*^475*-
8B^ 87V
20Ta ‘. 30*.

. c*.

3SS*.-i' 35*

Am- Can — 32* j 32 .

AirkCyanamlduf aa*-4 25*.
Am. Elect. Rowf.[ IS* j 16*.
Am. Expraas^i^it 42- I 41*.

Arru Gen. lnsnca-1. 3B5* . 39

Am. Holst 3a DK H ' 13* 15*

Am. Home Prbd+r 34* t. 34*
*?. ■ Am. flosp.Suppy -391* , 39 ■

' Am. Medical Intq 22*_ : 22*

- ^ Am: Motor*-:.-:- V - 2 *

- W 33* . 34*

_fW!B 1 69*

\-J

tra:
. •- LiTi'

A rru Standard —J.25*
Am. Stores-..'.;..'.-, *7*.
Am Tel. AtTeL.—F 59 s *
Ametek Ittc-..:-.': 3» ;
Arrrfac 1M !

AMP - ........1 *7*.

Amitar .. . S3*--

Amstead indc-4^ 29 s *
Anchor Hooks— 16
Anheuaer-Bh — _ .41*

Arcs**.: ^ ...-. ; 3B<*

Archer OanJols+. 1VU-
Armco ... l— 22* <

Armstrong CIC-
Asanrara Oih-— J

Asarco

Ashland Oil.—...
AM & floods^..

15

10 *'

24*

26*

25*:

.»S*
'27* '
59*
29*
26*
47*
-2448
.31*
16 .
,407a
38

. 17*
231*

.235*..

. 10 *

'84*

26

26ls

40V

24

Atlantic Rich J.- 40S* .

Auto-Data 1*24* ; _
AvOT...,..— ..1^’ i7*;|
AyerytntL— 23U ■; 23*

Ayn*t=— ..—...-.{-431 b

AwA-Ptoda f 29*

Baker mu. :j 50

Baff. Gas* El— I 25*
Banoai-Trlst. — ..! 25V
Bangor Punta. — 1 18*
Bank 'Am erica.... I 17*
BaritM'N.'Y. -....■ 40
Bankers TstN.Yu 301*
BanyW right — t5*
Baosoh A i-onb-l 48*
BaxtTrav tab. .. ' 33*
Beatrice foods- J £?<*
Beokman lnstr...] 45
Baker indu— ....! 6*
Bek &-Howell...4 19*
BelL-Industries-.; 15*

Bendlx

Beneficial .'.—I

64V
IB .

44*

29*

' 307ft
23
2512
177ft'
17 s *
39*4
' 30*
16
49
.33*
17*
.431*

. 67ft
195*
“IS*.
64*
18*

Beth StaeV~—
Blg.thee tnds— 1
Bh«k & Decker-
Block HR.-— -
Bluer Ball -ii—

Boeing

Boise Cascade.—'

Borden.-...,:,-....

Bo eg Warner.-..

Brauilff Inti

Briggs Strain —

Bristol-Myers

■a. -•■ii ■-•. ■ ■-r l -i.-:
BrockwayClass..' 13 V
Brown' Forman 8:--30 ■
Brown Grp-.-.-:!
Brown A Sharp..,
Browng Ferris—.
Brunswick

315, i^l*
25* 1261 b;
•15 ! 15 '

35M, j. 85. ■
22 la - .221*

207S .1 211ft
-.31* 4 38
.88*1 17 V
251ft ’ 26*

. 17 a >, **
84* ; 84V
62* ’ 62V
22*
13V
. . 29*
27*' ' 27*
IB - IB
2S* t 28*-
19*. f .1^*;.

104. U10*
205*?} ^8

eovj.Bi

Buoy rus-Erf
Burlington Ind
BurBnpt&n Nrthnl _ .
Burndy--n7.'.u-..inti- Wi»-4-l9V-.

Burwaiiihft 31* i 31V

CBI lnds_ — 38-- 38*

CBS — ,U42* > 48*

CPC- Inti -..—{.374

CSX— -l ,531f;

Campbell -Red ti( ‘11* •
Campbell Soup...) 35 .
Campbell Tags -. 20*

Canal Randolph-l "26V
Can. Pacific.— '31
ISrlT»Te Cofp~-.i 2SV '
Carnation-....--,' 274
TechCarp 37* •

:. -jt ' • • 7

Carter Hawley. U - 13*-
Caterpillar.-.-:..; .48*

Jan*

21

..-Steel;.- 1_2g .

Columbia .30* :-

CofuCTWaPfcUV-i 58* '

Combined Irw— -ai--.':

CombuM4.EBS..-j 32*

Cm With. Edison-; 19* ,
^ommjsetalfte— 1 . 607a i 61

3llg

89*

211 *

32*

19*

.Comp.Sc4ince—
Cane Mills:

Cohn Oen.Infl.—
Conrac'

14 V

2S*

49*

25

384

304

34V

Cone Edison — —

CpnsFpod* ..

Cons Freight-:-.. . .
Confc.Nat Gbbl—.i .46.
ConSumerPower! 167j
-Cent Air Lines— .i 4

Conti Corp. < 254

Contr Group ! El

Cent. linanJs -I 324

Conti Telep 164 l 16

Control Data— >i 38* —

15

28*

49

351,

3 17ft

30*

35

45*

25V

31*

321,

317ft

Cooper Inde. I 48 " 494

Coors Adolph. < 104 10*

Copperweirf -f 34 344

Corning Glass— , 47* 47*

Corroon Black ; 19* . 19 V

.Cox Broadcast's.! 5438 337*

Crahe.... i SI*

Crocker Nat..— ..i 87V
Crown Cork -...-.j 29

Crown Zell— ■ 25*.

Cummins Eng. ...I 33*
CurUss-Wrlght,...' 584
Damon-,..;.— 1 7*

Dana...:;. 25*

Dart A Kraft ! 49*

Data Gen 51*

Dayton-Hudeon-. 27*

Deere 337ft

Delta Air—. .j 23V

Denny* «-. . 28*

Dentsply tntl I 16*

Detroit ‘Edison.... j 11*

Diamond Inti .1 39

Diamond Shank-! 84*
DiGlorgla.

Digital Equip.

Dlflingham — I

Dillon — :

Disney (Walt) 1

Dame Mines -

Donnelly (RR).—.|

Dover Corp

Dow Chemical—

Dow Jones—

Drauar

Dr.Pepper... !

Duke Power—:-,{

Dun ft Brad. |

Du Pont.

EG & G—

31*

27*

8* I
as* ;
ii* ;

217ft. ,

477ft !

12V .

36 i
88 >

231ft
43*

26 * •
llV {

21*.. _ .
60* I 60*
36 i 55*
347a j 34V

25*
33 S,

5B*

7*

26*

49*

614

27*

344

23*

28V

16*

114

56

24*

8*

OB’

114

22 *

47*

13

56*

27*

23V

444

£63,

117ft

21*

Easco -i 193, ; 19*

Eastern Airlines; 6*
Eastern Gas ft F.l 20 s ,
Eastman Kodaks 704

Eaton,- -J 284

EchllnMfg - 11*

Eckherd Jack .... 22*
Electronic Data- 227ft
EletrL Memories. * 27,

El Paso...; .-J 26*

Emerson Beet..- 42*
Emery Air Fgt— 12*

Emhart„. I 33*

Engelhard Carp. J -22*

5*
214-
70*
20 *
11 *
28*
28V
3 •

267,

42*

12

327,

224

827ft f 23*
144 • 144
47* | 48
81* 21*
15* 1 16*
25* ! 25*
30 I 297,
24 ' 254‘
134 184

3* 3V

56V

54*

11 *

34

-307ft ■
86V
51
88 *

Celan«o florp—.J *53*

144

80

S3 -
227,
14*.
117ft

29V
114 .
20 *

.8 .•

17*

8

8*

Centex,.--.......-,;' 82

Central ftSw...-.: 144
Central Soya 11 V
Central TsJ WJJ-., 1 - 20V
CertaJivtsod-.--.; lli<

Cessna ATrcrafV^ 20*

Champ Home Bid. 8-.

Champ-fat^. 17*

ChampSpPlug-i -8
Charter Co:_ — ! 8*

Chase Manhatt'n 1 56* 1 56
Chemical NY.--.! 47 t b i- 48V
Cheese Pond.—, i 31V 31*
Chicago FpeurpJ 18V ! 19

Ch^s1er.-1_:. . 4*. T- 4 Pb

Chiibb..,,:-:..-^-; .45* l' 4BV

Cincinnati Mil — j Z4V| 24*'
ClUoorp,.— 83V -1.24*
Class Service'.— ■ 38* | .39 .
City Invest..... — 24' j S3*
Clark Equipment; 87* 274

-Cl eve cuffs iron.; 29 . ' I 29*
Cprox— — '. 11. I'll*
Cluett psaby-— }-16V 1 13V
CocalOoIa— { 52* : 314 '
Oolgate Palm— J Itf* ! 167 B
Collins Aik man-.' 11- j H
CPKlncIs. — 244 i 24*

Enseroh....

Emrirotech -

Es mark......

Ethyl

Evans Prods.

ex Ceil o — .

Exxon

fmo.:..;. —

Faberge

Fodders — .

Federal- Co..-.

Federal-Mogul....
J*d. NaLfMort ..
Fed. Paper Brd...
Fed. Resouraes...
Fed- Dtp. Stores.

Fi elder ott Ml

Firestone............

1st Bank System
lstChartsr Fin.-,

2srChIoagoJi-.il 17V'

1st City Bank Tex I 38V
32*

1st Mississippi i..r 12*

1st Nst-Bosttfn,.^ 42*

1st Penn— — 87»-

FIsons... i 3

Fleetwood Ent, J 114 i as •
F*xFVan_..._.^ 184 i "18*
Ftartda Pwrft u *8* 28V

.FordJMatorJ..L.J 174 .1 17*
Foremost Molt_J 367, ' 36*
Foster Wheeler 13 f 13*

*0*

10V
13V
31*

Freeport McM^.jZO*
Fruehauf — -.—i 80*

SI

Gannet 387,

Geleo 17*

Gen Am Invest -. ,16*

.Gen Oinema I SB*

Gen Dynamics -.1 2E V
Gen Electric-...-, 50
Gen Foods. — .'...J 30
Gen instrument.! 38*
Gen Mil le'._. -'....- 1 : 33*

Gen Motors -I 37*

Gen Portland 47*

Gen Pub Utilities; 6*

Gen Signal -—j 34

Gen TalapElae...! 30*

Gen Tire— 194

Geneaoo.'. — — 5*

Genuine Parts.—’ 50
Georgia. Pae— -. ...i 18*

Geosouroa. i 40*

Gecbes Fred...,— i B7V

Getty Oil 578,

Glddinga Lewis— 20*

Gillette ! 31*

Global Marine....! 17 .
.Goodrich (BF^— Ml*
Goodyear Tire,... 183,

Gould j 20V

Graoa.-: — ' 48*

Grainger (WW) — | 364

32*
17*
16*
36*
22 V
50 4
'8Q7a

39*
334
3B4
47*
6*
35 V
50*
194
5*

897b

IB*

39*

27V

58*

104

31*

174

20*

10

21*

48*

364

Stcek

Jan.

22

Gt Atl. Pan. Tea.:
Gt, Bastes Pet. _i
GtJfthn.Metocsa;
5t West FlnanoJ.i
Greyhound

Grumman— .J—J

Gulf ft Western—)

4

SSt

34*

II*

14S,

26

18

Jari.

81

W»

3*

34V

11*

14*

24Tft

16

Outf 014

)7Z.ZZZ\

rton.-.
irmllt Ppr{

14*

HalKFB)

Halliburton..
Hammermlll .
Handleman — -

Hanna Mining.... j 2Bt»
Har court Brace-J 15*
Harnisohfeger — t 107ft
Harris Banop— 1 27*
HarrltGorp— .—! 31*

Harcco-- 18*

HecJa Mining— .1 97®

Heinz (HJL~~ : 25*

Heller tntl l 18*

Hefculaw ....— i 20i,
Horsboy ; 34

304 j. 31
26* 27

45Tg I 46*
26* j 26*

Heubleln \ 347 S

Hewlett Pkd..-.L> 39*

Hilton Hotels 364

Hitachi

14*
28*
15V
107t
27*
52*
18
104
26
16V
2G7 b
543,
38*
30*
. 35*
63* j 607,

Holiday Inna.. r 24* | 24*

Hotly Sugar- i 52*

Homeatake...— — f 29*

Honeywell— ! 68*

Hoover ! 94

Hoover Unhr—.. 16V
Normal Geo-..—.! 17*
Hospital Corp.—.) 31*
Household Inti —1 . 154

Houston Inds ! 184

Houston Nt Gas...! 374 .
Hudson Bay Mngi 19* i
Hughes Tool.— ...i 32*
Humana....— —i 324

53
29*
68*
94
19*
17*
32*
151,
184
37 T(
197,
33
38*

stock

Jan.

22

6*

Jan.

21

, 67ft
163.

Husky Dll.: I 7

Hutton (EF) I 331ft

1C Inds *2

INA Carp- 43V

1 U Int J 13*

Ideal Basio Ind.J
Ideal Toy .......I

fClADR..: I

iN&CorP.

lns®reol”Rand— !{

Inland Steel .1

InteL—

Inter First Corp..

Intariake .|

IntetNocth

20*

7*

6*

8*

13

31*

22*

144

26V

32

26V

6V

35*

321#

43*

13*

20V

7*

6

9

13*

68*

22*

25*

87*

32

264

IBM— ^...« 617ft | .62*

Inti. Flavours i lBig ) 187j

Inti. Harvester ...' 8 j 8*
lnt. Income Prop. 1 0 i 8V

tnt Paper ; 35* I 36

int. Rectifier ...... 107, [ n

IrrL Tel ft Tel £8* | 8BV

Irving Bank ; 45V

James (FSi. — ! 22V

Jeffn-Pilot ' 24*

Jewel Cos- ; 34

Jim Walter ! 183,

Johnson CBntr— 24
Johnson ft Jns..j 36*
Johnthan LnganJ 12*

JoyMnf. 30*

K. Mart i 164

KaiiarAlum 1 14V

Kaiser Steal | 44*

467,

23

24 .
34*
18 s ,
84*
364
12*
51*
164
16*
44*

Kan eb “Services,. 1 19* > 19*
Kaufman Brd...... 9in i. 97,

KeyCorp 12* I 124

Kellogg- -... 22* 12*

Kannametal 33* I 33*

Karr-MoGee 37* 374

Kidde— 22 217,

Kimberly-Clark. 63 687,

King's Dept. St .. 3* 3 V

Knight Rdr. Nws. £84 I 28*

Koppers 15* ' 15V

Kroahler i a* « 84

Kroger -....i 25 25*

LTV- ■ 14* I 137,

Lanier Bus. Prod! T9* j 19

LaarrSlegler 267,

Lsaaeway Trans.| 26V

27

26*

Lenox.—....'— ...' 32* I 32*

Levi Strauss ; 27 I 16*

LevitzFumtr. 37 36*

Libby Owens Fd. 83T 13*

Lilly (EIIL....... — | 63V 83*

Lincoln Nat.— ... 40* 40*

Litton Inds 51 - 61*

Lockhosd... ! 47* 47*

Loews...:— —I 82* 82

Lone Star Inds... I 25* -* *64
Longs Drag Stre.: 26* , >5*
Louisiana Land J. 30* ; 29 V
Louisiana Pac....; 17V 177,

Lo wen stain— 23* 24

Lubrfzol- 21* 11

Lucky Strs 1 1®V ! 12*

M.'A Com. Inc 224 I 22V

MCA , 43 42*

MacMillan— 36 ] 15

Macyl 1 51*

Mfors Hanover... 38*

Mamrt lie Corp. .... 144

Mapco.- 30*

Marathon Oil 73*

Marine Mid 82*

Marriott 33*

Marsh McLenn — | 303,
Marshall Field. ' 18
Martin Mtta— . 30*
MarytendCup — 33* I 337,

Masco —.'..i 36* j 363,

Msssoy-Fergn > 2 I 2

Mass Multl-Corp.! 18*

Mattel;. . 127,

May D apt. St re.... i £3*

l 51*
32*
14*
29*
73*
223#
537,
31
17*
50*

IB*

12*

24

237,

14*

33

614

30

314-

47*

7

Maytag 23*

McCulloch .14*
MoDermctt(l‘R)J 38*

McDonalds-. { 80*

McDonnell Dolig. 30
McGraw Edison. 31
MoGraw-HIIL.-... 47*
McLeanTnikg .,..! 67 s

Mead , 213, j 21*

Media Gent 353, ' 36

Medtronic 564 853,

Mellon Natl...... J 337, 32*

MsIvUle— 37 ! 37*

Afercanbl* Sts-. 55 7 a I 36*

Merck 807, 824

Meredith- I 50 58

Merrill Lynoh..—; 31 V | 52

M6M

Motromodte . — - .

Milton Bradley- ' 19* 19V

Minnesota MM J 543# ! 54V
Missouri Pec— -I 73* I 74*

Mobil — -i 227* j 22*

Modem Merohg.j 8* I 84

Mohasco 11 < llV

Monarch MfT-.J . 194 | 19V

Monsanto 65* \ 65V

Moore MoGmrk.. "**

Morgan (JP)-

Motorola

Munalngwear

Murphy (GO

MurphyOII
Nabisco Brands..

Haleb Chem :.! 48 t b

Napco industries

Nat Can

Nat Detroit— I

Nat Disc Chem— .

Nat Gypsum i

Nat Medical Ent

Net Sam Icductr.

Nat Service Ind.

Nat Standard-.

Nat Steal—

Nstomas
NCNB-- .

NCR... I 404.

New England El.i 25*

NY State E ft G...j 14*

NY Times- I 333,

Newmont Mining | 36*

N lag. Mohawk.... 12

N! COR Inc 334

Nielsen (AC) A.. J 45*

NL Industries..... 30*

NLT— i '24*

Norfolk ft westn ( -4S
Nth. Am. Coal. J 23*

Nth. Am./Philips.! 35V
NthnState Pwr..< 25*
Northgeta Exp...' 4
Northrop I 47 >,

Nwest Airlines...! 234

Nwest Bancorp..! 22 s ,

Nwest Inds 73V

Nwestn Mutual- 10
Nwestd Stool W. 23*

Norton - 39*

Norton Simon 19

Occidental Pet... 22*

Ocean. Drill Expw. 23*

Ogden 237,

Ogllvy ft Mrth 31

Ohio Edlfton I 12 4

Olln - 21*

Omark. i 17

Oneck I 28*

Outboard Marine 194
OverseasShip-.. 14*
Owenj-ComlngJ 21V
Owensqillnols—..: 28*

PHH Group 21*

PPG Inds ; 32*

Pabst Browing....;

Pac. Gas & Elect

Pac. Lighting

Pac. Lumber.....,.:

13* I IS*
20 * ; 80*
24* , 24
24* ; 244

Pec. TelftTal \ 19* < 19

Palm Beach— * 23 | 23*

Pan Am Air ! 2V I 8 V

Pan. Hand Pipe...' 50* | 307,
Parker Drilling...! 17 u 17*

Parker Hanfn I 204 804

Peabody Inti 6* 6*

Penn Central...:..! 57* 38

Penney IJC] I 28 V 287,

Pennzoil— t 38* t 39*

Peoples Energy..

PepsiCo

Perkin Elmer

PStrls Stores

Petrol mie.

74

34.7a

243,

20

147ft

Pfizer J 63*

Phelps Dodge .... i 324

Philo. Elect j 13*

Pfillbro ■: 1 844

Philip Morris .... ,i 46*
Phillips Pet....;.... 37*

Plllibury. | «>

Pioneer Corp — • 26*
PItney-Bowes — 1 22*

Plttoton S 21*

Planning Res’oh. 1 64

PI essay i 67*

Polaroid J 19&|

Potlatoh. 26

Prentlca Hall 1

Procter Gamble.

7*

34*

25*

20*

15*

55*

32*

13*

24

464

377a

40

26*

22V

28*

6

67*

197,

26

237, 1 23*
83* ; 83

J*ub» Ssrv. E ft G., ! 18* < 18*
Piib. S. Indiana..- 21 * > 21

Purex — — 26* ; 26

Purolator ! 32 1 35V

Quaker Oats~— . 32V | 327,
Quanex 164 - 17

Questor 9 • 0

RCA. 16* • 16*

Raison Purina ... 124 HV.
Ramada Jnns..._. 57, 57 s
Rank Org. ADR... 34 • 34

Raytheon 34 * 34*

Reading Bates ... IB* 18*
Redman Inds,—. 1 117, - 117,

Reeves Bros. 54 531#

Ralchhold Chem;- 107, ; 107,

Rs public Steal....! 22* 1 22*
Rap of Texas. — ! 32* • 34*
Reach Cottrell — .1 12* , 12*
Resort IntJ 15* , 154

Revoo (DS/... : £4* 04*

Revere Copper-., 14* , 14*
Revlon—....—.—; 31* ; 32*

Rexnord IS* 13 J,

Reynolds fRJJ 44* , 43 7g

Reynolds Mtla.—.- 217, , 217,

Rite Aid ! 27* 27*

Roadway EX ps— 31* \ 324
Robbins (AH)— ...< 11V 1 11*
RochesterGas.—.- 13 • 127,

Rockwell Inti.—', 305, , 31
Rohm ft Haas — 56* ■ 56*
Rollins 15 ! 15*

holm - i 31*

Roper Corp. ■ 11*

Rowan ! 13

Royal Crown ; 14*

Royal Dutch— 32*

Rubbermaid ; 36

Ryan Homes.

Ryder 8ystem....

I 31*

! ii-

i 14*
: 32*
! 364
161# 17*

25 24*

SFN Companies... 19V 19

SPSTechnol'gles 22* j 22*
Sabine Corp....... 33* , 32*

Safeco 37* : 37*

Safeway Stores- 267, : 27*

St. Paul Cos. ! 49* 49*

Bt. Regis Paper..! 28* 1 28*

Saints Fa inds 17* 1 17*

Saul Invest 7* j 74

Saxon inds....-.....; 4* 4*

Sobering Plough 27* : 28*

8toek

Jan.

22

Jan.

21

Schlltz Brew J .J 11*

fichlumbarger .... 47*

«a/i- J 20 *

Boott Paper,. ! lb

Scudder Duo V J 18*

Season 20 u

Seagram 52 t,

Sealed Power 30*

SearlelGD) : 89*

Sears Roebuck.,.1 16*

Security Pac • 36*

Sedeo 28*

Shell Oil 56*

Shell Trans 2Bi,

Sherwin-Wms... 183,

Signal I 26*

Slgnode— 1 37*

Simplicity Patt.i

11*

46*

814

16*

124

20 *

S3*

304

294

16*

36*

291,

36*

28*

IBS,

237*

37

Singer

ylli

9*

12

Skyline I 12*

Smith int! ! 37V

Smith Kline > 637,

Sonesta Inti,. ’ 10*

Sony 17*

Southeast Bankgi 16*

Sth. Cal. Edison-, 28*

Southern Co. 12*

Sthn. Nat. Rea...., 29 . ,

Sthn.N. Ena- TelJ 43* [ 42r,

Sth. Railway

Southland —

SW Ban oah area..

Sperry Corp

Spring wills-

9*

Ji*
38*
62*
20 *
16*
163,
26*
12 4
29*

Std Oil Ohio.

Starling Drug :

Stevens (JP). !

StoKaly Van K-...
Storage Tech. —

Sun Co.'. —|

Sundstrand

Superior Oil..

TRW

Taft

Tandy..... 1

Teledyne 1

Tektronix |

Tenneco s

Tesoro Pat

Texaco -J

35

343ft

87

BB3«

29*

293ft

80*

30*

32*

32*

84*

24*

27*

27*

30*

SB Si

25*

245ft

35*

357a

44Tg

453ft

35*

35

IS*

16*

19*

20*

22*

213ft

143*

14*

33*

323ft

29

30*

37

363b

373ft

38

326ft

32*

17*

18

59s,

60

53

49*

89

29*

31*

38*

S23,

33*

189*

130*

501t

51*

30*

207ft

227ft

21*

30*

30*

367ft

365s

491ft

49*

Texas Gas Tm.... 1 30*
Texas Instrirn'ts.; 75*
Texas Oil ft Gac..l 277,
Texas Utilities..:.) 197,

Textron- i 24*

Thermo Electro..! “'
Thomas Batts—

Tidewater —

Tiger Inti —

Time Inc

T mas Mirror

SO’,
76*
294
197,
244
20* ’ 204
49 4 49*

324
10
34*
44

32*
0 4
344
44*

Timken 1 60* 60 4

Tipperary- 16* 18*

Tonka. — . 27* 27

Total Pet ; 11* 11 V

Tran sam erica 80* 19V

Transway 1 21* ; 214

Trans World j 14* j 14 7 C

Travelers. 1 45* . 44*

Tricentrol.. —1 8* ; 8*

Trl Continental. .J 80* I 20*
Triton Energy,—.! 12 I 12*

Tyler. I .• 21* | 81

UAL ; 16* 157,

UMC India I lit, 11*

Unilever N.V ■ 61 60*

Union Camp 44* ; 44*

Union Carbide.,.., 46* j 46

31*

44*

8*

10*

34*

394

317,

447,

6*

IQS,

35*

395,

Union Oil cal...

Union Pacific.— .

Uniroyal

Untd Brands
Utxf. Energy Res.'

US Fidelity G ......

US Gypsum- , 29* j 20*

US Home -....I 10* 106,

US Inds- • 87, ! 87,

US Shoe— -! 271, ; 27*

US Steel • 25* . 26*

US Surgical ' 16* < 16*

US Tobacco- , 48* ’ 42*

US Trust 33 : 33

Utd.Technoigs.^ 38* 3B*

Utd Teleoomms.1 20*

Upjohn

VF

Varian Assocs
Vernitron

51*

34

26

107ft

Virginia ep ; 11*

Vulcan Matrls.— 63 -
Walker (If) Rea... 16
Wal-Mart Stores.; 40

Warnaoo 25ia

Warner Comma.. 57*
Warner-Lambt...- 22*
Washington Post- 29

Waste Mangt. 38*

WelsMkti. 37*

Wells Fargo 25*

W. Point Peppl...; 81*
Western Airlines 47,
Westn. Nth. Amr.' 19*
Westing house— . 237 b

Weetvace SI

Weyerhaeuser....! 267,

19*

fill

11 *

53

16*

40*

26

564

22

28*

327a

37*

254

21 *

47,

194

24*

21 *

26

WhMtebratrF-.; 57 j 58*
Wheeling Pitta-. 29* ! 30

Whirlpool.-, • 24* | 254

White Consoltd- 25* : 25*

Whittaker 58* ; 321,

Wicks, 8* I a*

Williams Co- 267, ■ 17*

Winn-Dixie Str....: 29* 287,

Winnebago 3* ■ 3*

Wise Elec Power. 27 ' 26*

Wool worth 17* , 17*

Wrigley. 33 4 33*

Wyly • 7* B*

Xerox- - , 39* ! 39

Yellow Frt Sys.... 1 147, • 147,

Zapata 24* 247 8

Zenith Radio 10 s # I U

NEW YORK

’ ’ i - vi" .

Jen. ;Jan,

v"- ■ ■ - ; 82 -] 1 21

Indicesi

. —DOW JONES
1 ' j i ! ‘

Jan. {Jan. 1 Jan. -[ Jan.
20 I 10 <• 18 15

1981-82 ‘Since Ompllt'n

I High Low.

♦IndUrtT le'sJS.oy »845jaj847.41; 866 . If 847.60^ W24J& j 824.01

H , metad».f«^7 n ;. : Ul> Bfi.Sfli M.«j

Trainapbrt.^ 342JJS344.78 J<7. )2^3i7-»' SBJ2- BIUBi W.U - j

High | Low

Utilities —J

Tn &°l

, , 116/41

i04JB 104^1 ilO4.16ll04ja; 104^j 104.18 11M1

. . i . . \ \ f . .. j . j '.j®' 1 ™ 71 .

145,010. 44 BM; 43i«»f • — '

7001.78 ' 41J2
1 86/9) V1VU7S) WW)
64.89'
lW.ll)

.336,48 1 447 JB \ 12.25
125/91 (16/4/31)1117/32)
101.28 ! -1B3J2 VIA
128/8) (M/4/ 89) 128/4/42)

•Day* high 853.31. low 839^0.

Ind. dtv;yleld %

Jan.16 ■ Jan. B

6.62

6.3B

Dec. 31. fYsaragb (approx)

6J32

SJIB

STANDARD AND POORS :

‘ T-' 1

i Jan.

j-82

Jaru-'-Jan.

21.1:80

Jan.
19

I Jan.
I 18

Jan. i-
15 I

1981^82 jSIric* CmplFtte

High

Low | High'! Low

USnSJpS&M

CompoW.ai 7l5.3i 116.75] yl6.2F.115.B7j 117J^ 113^ fflgj gg jjSft|

jarTlSj Jan. 6 I Year ago (approx 1

? indrdjv. yield $1

Jen.

£0

6.67

6.70,

6.50

tnd.jP/E Ratio

. Long -Gov.. Bond yield

7.77

7.75

14.13

14.80

8.04

14.15,

4.53

9.30

18.15

NY. 8.E,' ALL COMMON

Rises and Falls

Janl 22 Jan. 21( Jan. 20

l ■ ■ -

-JwV-' Jan.:; Jan. "Jan. '
88 . 21 . 20 10

-1981 -82

High l LOW

66.-7867.00 66 JK3 67.10 79.14

' " .• , • ; (S/N.

! 64.96

J PS/B;

issues Tradad—:l,»6

Rises- L— 592

Falla B10.

Unchanged...—.. 465

New Hlgha • 7

New Lows 1 93

*840

762

654

433

11

72

-w

934
407
9 .
103

montreaL J; ! Jan ,j

: 22 -

• . ' • . . industrials \ SKigj

Combined \ 28BJI1|

! 1 '

1 jan. I Jsjj- j Jan-
21. i 20 j 19 |

■ 1981-88

High I - Low

4ta.se (Z7/S) j *97.58 < 22 / 1/821
B7SJU (15/8) { 2883 ffl/1/B*)

TORONTO Compoii1te:l7«J |l7SSj i 1777.5)1797.9 |

■FrWiE

NEW YORK ACTIVE STOCKS

Change

Stocks Dosing on

.. Defied p/ica day

Exxon 8ZL000 30 + * lS0"y

IBM -760,3)0 • 81* - V ' Raison Purina ...

iSiovga.Techj .... 714,900. . 28 -1* Bank Amenca...

Std. Oil -Indiana ttM.400 A4 7 , — Coca Com

Gan. Tel. See. 56C.SCO- Sft ^ ABtna Ula

Change

Stocks dosing .on
traded phea day .
516.100 17* + \

604,4 00 .12* .+ 1 *
488.700 17* - *

448.200 31* - .*

417,300 . 43* & *

1 Jan,-' Jan. ; Jan.

1 25 ; 22 • 21

Jan.

20

1BB1-B2

High Low

64S.S ! B4S.fi 1 MU
S863 ' 682.4 577.8

644.4

580.2

737 Ji (8/4)
7SSA (7/1/81)

1 S«1 A (21/1/82)

1 577.6 (21/1/83)

1 AUSTRIA

Credit Aktlan (2/1/82)

64.78' 64.78 • &4.BA

54 A6

66.45 (6/1/81)

! 63.64 (15/10)

1

88.18 *7.25 B6J5

88.42

IM8 ( 311*2)

j 6455 (16/6)

126A8! 124,68. .124 AS: 124.12

124A9 02/1/82); 8488 0/1/81)

FRANCE

CAD General (29n2/Sl) .
Ind Tendance (31/12/81)

i i

98.1 ' BBJT> 38.1
1M.7f 11420 1IU

84.6 1 1146 (17/5)

197.8 | 112,28 (22/1/62)

245A7 (5/71
749.0 (5/7/

i

j 216.88 (8/2)

! 666.4 (16/2)

HOLLAND „•

ANP-CBS General (1978)
ANP-CSS Indust (1870)

' •

87.1 ' 87.1 ' 8SA
68.7 ! 68 A ■ 67.6

86.8

66.8

38.8 (20/3)
76.4 (£2/6)

1 785 (28/8)

61.4 (22/12)

HONGKONtt

Hang Sang Bank <31/7/84

(O) ;T4fl5^ TSB0e4K1S37J8

181420 (17/7)

1116.77 15/10)

irajS- 138.19; 1ML81 IStUSSl .29485(6/6)

166.44 124/7)

JAPAN**

Dow Average (IB/6/431
Tokyo New SE (4/1/68)

7808.267825.66 7737AlWl7A5J 881414 H7/S1
582JS7' 677 AS, -67409; 67X26! 88492 ()7/ffr

036652 H5 IS)
4B&.73 (5/1/Blj

ESSjZSBIKHHEI

r

128.48- 128.25] 127^5

11434 (6/6)

(0) j 777.42: 77402

i

786.86 87426 06/6)

616JW HO)

SOUTH AFRICA

Gold <19691

Industrial (1368)

(U) : 627.5 ! SI7J
(U) .- 705 A : 7 040

614.5

7MA

787.6 (7/1/81)
71 W (6/1/82/

475.6 (5/7)

BS7A 13(2/

Madrid SE (30/12/81)

(e) IMJfi 10SA8: mm

ksja 01/1/82)

83.17 (6/ 1/12)

SWEDEN

Jacobson A P. (1/1/SS1

68413; 66452. 666,62

K0.74

660.51 nO/B)

404.17 129/1/81)

2542

HHM

3SS1 WBm

135J (28(8)

(**) Sat Jan 23: Japan Dow 7.886.40 TSE (582.44).

Base valcss of all indiess are 100 except Australia All Ordinary and Matoto—
50ft: NYSE All Coipmoa—SO: Saodanl and -Poors— IDs and Toronto— l.ooo: tta
last named based on 197*. t Eanduded -bond,. 1 400 indi/fbiate- § ■*»
induBtrials piut 40 Utilibw. * Fiaancjsl* sod 2D Transports, cctocea.
u Unavailable.

Early Wall St fall of 7.5

A SHARP retreat took place on
WaU Street in fairly heavy early
dealings yesterday as investors
reacted to projections of higher
U.S. interest rates inspired by
an unexpected further rise tn
the money supply, reported late
last Friday.

The Dow Jones Industrial
Average fell 7.51 to S37.52 at 1
pm, while the NYSE All
Common Index weakened 63
cents to $66.15 and declines
exceeded 1.000. Turnover came
to 30.65m shares, against
Friday’s 1 pm figure of 32.6Sm.

Analysts attributed the slide
almost entirely to the S700ni
increase in the M-l measure of
the money supply for the week
ended January 13 and an upward
revision in the prior week's
figure to SI0.4bn from S9.8bn.

M-l growth is currently more
than $10bn above its target level
for the year, and Monte Gordon
of Dreyfus Corporation said the
Federal Reserve will almost
certainly tighten monetary policy
as a result

Also weighing on the market
was uncertainty about the con-
tents of President Reagan's state
of the union message, to he
delivered tonight Mr Gordon
added that investors are con-
cerned that Mr Reagan will not
offer any solutions to the large
Federal Budget deficits.

Prices were down across the
hoard, with Oil. Technology,
Aerospace and Chemical stocks
particularly weak.

Hughes Tool was the volume
leader, off Si to $31£ despite
reporting higher earnings. A
trade journal reported that
growth in U.S. oil drilling will
slow to 12 per cent this year
from 20 per cent in 1981.

Shahlee dropped $61 to $1 4J
after opening late. Last week, a
newspaper report alleged that
Shaklee marketed alfalfa tablets
that were treated with a toxic
chemical- The company said the
process in which the chemical
was used was safe.

Closing prices for Xorth
America were not available
for this edition.

THE AMERICAN SE Market
Value Index was down 4.23 at
2S1.7S at 1pm. Volume 3.22m
shares.

Canada

Stocks continued to weaken
over a broad front in a fair
turnover. The Toronto Com-
posite Index 1st 22L3 at 1.71S.5
at noon, while Oil and Gas fel-L
77.6 tn 2,964.6 and Golds 28.2 to
2.353.3.

John Fairlie, research manager
for Midland Doherty, said
investors were concerned about
inflation, high interest rates and.
Government de&cits.

Tokyo

After sharp rises both on
Friday and in Saturday's half-
day session, the market closed
firmer-inclined yesterday after
a fair turnover with selective
strong gains.

The Nikkei-Dow Jones
Average, which followed &n
advance of 86 points no Friday
with a fresh rise of 63.04 on
Saturday, was 19.86 higher at
7.906.26. a five-month high and
compared with the record
S.019.24 set on August 17 last
year.

The Tokyo SE index, up 4.52
on Saturday, was 0.43 firmer at
5S2.S7. Trading volume totalled
400m shares, but was below
Friday’s 520m and followed 340m
traded in the half-day Saturday
session.

Prices were softer in the
morning, due in part to the yen's
downdrift and also in part in
reaction to last week’s upsurge.
Some started gaining strength
later, however, encouraged by
news that Toyota Motor and
Toyota Motor Sales intend to
merge on July I. Other Motor
shares advanced on report* that
the Saudi Arabian Monetary
Authority fSAMAi has signed
an agreement to buy yen-
denominated Convertible Bonds
issued by Honda Motor.

Toyota Motor climbed Y60 to
Y1.070. Toyota Motor Sales Y15
to Y795. Honda Motor Y35 to
YS64 and Nissan Motor Y18 to
Y866.

Natural Resources, Textiles,
Housings, Chemicals, Non-
ferrous Metals, Shippings, manu-
facturers of new Ceramic
Materials and Precision Instru-
ments were higher, hut some
Blue Chips turned easier,
including some high-priced Light

Electricals.

Germany

Selective foreign buying late
in the session, prompted by hopes
of future currency gams, helped
share prices to recover from a
weak start to close mixed with a
higher bias on balance.

Among Motors. Daimler, ended
DM 2.90 firmer at DM 289.20 after
opening lower, but BMW lost
DM 1 at DM 192JK).

In Banks Deutsche fell DM

1.80 to DM 272.20, but Dresdner,
benefiting from reports that
Poland will good pay off 1981
Interest, rose DM 1 to DM 133.80.

Mannesuisnii finished s net DM
1 down at DM 146 after opening
at DM 144, while elsewhere in
Engineerings, MAN reced ed DM

2.80 to DM 1B2 but KHD gained
DM 1 to DM 185£0. Melallgesell-
sehaft ended DM 1 up at DM 255
after falling as low as DM 248,
while Preussag, after the chair-
man forecast a 20 per cent rise
in 1981 profits, put «n DM 0.90
to DM 20L80. .

In low turnover on the Domes-
tic Bond market. Public
Authority Loans sustained losses
reaching 45 pfennigs. The
Bundesbank bought DM 7.7m of
paper after selling DM 14m last
Friday. Uncertainly over the
trend of UE. interest rates
following Friday’s U.S. money
supply figures outweighed any
optimism lingering from last
week's special Lombard Rate cut,
dealers commented- Mark Euro-
bonds were little changed in light
trading.

Paris

Profit-taking after last week's
widespread advance on heavy
volume left most share prices
easier yesterday following quiet
dealings. The Indicateur de
Tendance index, which recorded
a week’s rise of 6.0, relinquished

1.5 -at 110.7.

Traders - said the Bank of
France's decision to raise the
flail Money rate to 15} per cent
yesterday morning from 15 per
cent had helped to dampen sen-
timent, especially in riew of the
decline in German and British,
interest rates.

Declines outnumbered advan-
ces by 'a ratio of two-to-oue in
the French section, but Banks,
Portfolios and Metals mainly
closed higher. The selling was
most evident among Construc-
tions. Hotels, Engineering, Oils
and Textiles.

Australia

Markets recorded mixed and
mostly- small movements, 'with
some- leading Resources issues
again firming after recent weak-
ness.

Overall market leader BHP
improved 6 cents to AS9.1Q, while
in the M Icings sector, Peko-
Walts end picked lip 6 cents tn
AS5.40, Western Mining 15 cents
to AS3.S5 and North Broken Hill
3 cents to AS2.53.

Among Oil and Gas shares,
V am gas finned 20 cents to
A5I0.10, Claremont 5 cents to
AS1.38 and Crusader Oil 10 cents
to AS5.70.

Banks softened, ANZ shedding
3cents to AS4.12.

Johannesburg

Gold shares tended to ease in
quiet trading, with the modestly
lower bullion . price deterrinc
buyers in the absence of any
bullish factors.

Randfontein declined R5 to
R62, Driefonteln 60 cents to
R27.10 and Lorraine 12 cents to
R2.9S, but FT Geduld improved
50 cents to R39.50.

Greatermans fell R2 tn R10.50
in quietly mixed Industrials,
reflecting disappointing interim
results.

Markets in Hong Kong are
Closed for the first three days
of this week for the Chinese
New Year holiday. The Singa-
pore Exchange is also closed
for this period dne to the
Lunar New Year holiday*

CANADA

Stock

Jan.

28

Jan.

21

AMCAIntl 81*

Abltibi 80*

Agnico Eagle 6

Alcan Atumln 22*

Algoma Steal _... 42*

Asbestos 16*

Bk. Montreal 83*

Bk. Nova Scot/a. 24*
Basic Resources

Bell Canada. '

Bow Valley

BP Canada...... _.|

Brascan A

Brin co

B.C, Forest

OIL In o.

CadiliacFalrvleW
CamfloMlnes~...;
Can Cement.

4.45

18*

16*

24*

20 *

5.50

18

30*

11 *

16*

10 *

31*

31*

Can N W Lands..

Can Packers

Can Trusco

Can Imp Bank^.., 27

Can Pacific "

Can P. Ent...._....

37*

16*

Can Tire.... 33*

Chieftain ! 18*

Co min CO: 49*

Cons Bathst A....- 18*
Cant. Bk. Canada 7*

Costain.... 9

Daon Dovel : 4.50

Denison Mines...! 30

Dome Minos 15*

Dome Petroleum' 11*
Com Foundries A| 38*

Dom Stores 15

Domtar ' 20*

Falcon Nickel 66

Qenstar 81*

Gt.. West Ufa 241

Gulf Canada—-.. .; 13*
Gulf st ream Res... 5.50
HawkSId. Can.-.. 11*

30
23
21
48*
ass

38*
21 *
15*
14*
14*

Holilngar Argus..!
Hudson Bay Mng

Hudson's Bay

do. Oil fi Gas...'

Husky Oil

Imasco.. ,

Imp O/JA,.,.

Inca I

Indal J

Inter. Pipe. J'

Mao Bloadal 1 83

MarksftBpanoer 9*

Massey Farg 2.26

McIntyre Minos.. 38*
Merfand Exp lor.. 6*

MItal Corp 35*

Moore Corp„ 37*

Nat. Sea Prods A 7
Noranda Mines., 18*

; 2i*

- 21 *
6

23*

| 42*

1 16*
23*
24*
i 4.25

‘ 18*

1 16*

; 36*
20*

1 5.62

I 12
32*
18

! 16*

I 11*

i 31*
32
' 28.

; 87

! 17
16*
: 33

! IB*
I 49*
• 17*
7

I B
f 4.45
; 31*
; 15*

I 315s
I 38
! 15*

i at*

66

. ai5 S
1243
> 13*
; s.iz
! II*

30

83*

21*

49*

8 *

38*

21*

165,

14*

14Sb

24

9*

2.50

38*

0

255ft

37*

7

IB*

BELGIUM (continued)

Jan. 25 . Price

Frs.

+ 01

Nthn, Telecom...' 53* j 55*

Oak-wood Pet. 12* ’ 11*

Pamlfle Copper... 2.05 1.05

Pan oan Petrol... 66* ; 67*

Patino 16 16

Placer Dev 13 , 33*

Power Corp 1 13* . 14

Quebec-8trgn._. i 8.55 , 2.75

Ranger Oil 7* < 7s«

Reed Sfsnhs A ...‘ U* 10*

Rio Algomi- 36* , 37

Royal Bank 84* 1 25*

RoyalTruetoo A— 14* 14 &b

Sceptre Res. ID* 10*

Seagram - 63 ■ 63*

Shell can oil 16* 16*

Steal of Can A—.; 28* ' 28*

Tack 8. ' 9* |

Texaco Canada.. 30* < 30*
Thomson News A 82* . 22*
Toronto Dom Bk.'- 20 29*

TransCan Pipe ... ; 24* , 24
Trans Mntn. Oil A- 9* ; 9*
Utd. Sisco Minas 6* ! 6*

Walker (K) Res...! IS ! 19*
Westooal Trans.. 12* I 12*
Weston (Geo) 35 ; 35

AUSTRIA

Jan. 25

Price I + or
% I —

Creditanstalt —

Landerbank ,

Perltnooser

Semperit '

Steyr Daitmar- ..!
Veitsdisr Magi 1

219

192

259

96

172

201

■v-3
+ 1
~2
+ 1

BELGIUM/LUXEMBOURG

Jan 25

1 Price
l Frs.
-I-

+ or

ARBED 1,066 -34

Banq Int A Lux...' 3,950;

Bekeert B M .-^ 1 „,i i,4ao -20

CimentCSR 1 1 . 2 ml —10

CooKerlll. m.| ISO;

EBES- ! 1,860' -20

Electnobol _.i 3,806!

Fabrique Nat ! 2.530 1 —80

G.B.tnno. 2.440 —20

GBUBruxU* 1 1*422' +56

Gevaart. 1.6 10<

Hoboken ' 2.570; +20

Intercom . .1,380 —8

Karolotbank. „....] 4,260 +20
PdnHIdgs j 8,600; -

Potrofina 4,350j —35

Royalo Beige ' 4,42a| —so

Soc. Gen. Banq.... 2.2501 +20
Soc. Gen. Beige... 1,1B9{ +12

Sof1na~ 3,200 -60

Solvay ' 1,960, +30

Traeton ElacL.... 1 2,396' —25

UCS ! 1,520 —5

Union Mlniere.... 660, +6
VlelUa Mont. 1 1.400 + 24

DENMARK

Jan. 25

Price

' Z

125

+ or

-1

AnOelBbanken...., ,

Baltics Skand I 349.4! 4-2.4Q

CopHandelabanki 137.4'

D. Sukkarfab...+ | S66.4 - — 1.60

Dancke Bank 1 137.4.

East Asiatic _• 129.4 +0.20

Forende Berygg-. 645 .
Foranedo Damp: 422 '

GNTHldg 1 277.4' +2.M

Jyake Bank I 185 ;

Nord Kabel 158 .

Novo ind... 1,410 1

Papirfabrlk ker .. ; 88.4|

Privatbanken 137.4-

Provinabanken... 130 j

Smidth 1 FI/ j 265.4* -5 M

8. Bnrendson ; SOO

Superfos 133.5| — 1.80

+ 1
+ 1.40

FRANCE

Jan. 25

• Price
Frs.

+ or

-30

-50

-3.1

+ 5
+ ia‘

+2

Empnint«4S 1673 1 1,832

Emprunt 7% 197S 1 6,OBOi

CNE«% ; 8,660! -31

AirUquide ' 465.5 —2.5

Aquitaine ; 158.4!

AuPrintemps 125.1;

bic : 412 ;

Banq 1 Rothschild '2 18.5*[

Bouysues I 1,168.

BSNGervals 1,318, -22

Carrefour \ 1,565' —30

'CfubMed/ter / 637 '

CFAO- I 5B7 I —7

CGE 1 333.68;

CSFIThomson) ...] 217.6i —9.3

Clo Banca/re 191.5, —0.5

CieGenEaux ! 897 ; — 11.5

Coflmag

CCF I

Creosot Loire, —

CFP .J

DNEL

Dumez

Gen.-Occidental.

Imetal

Larfargo ■

L'Oreal j

Leg rand j

Machines Bull

Mat™ U.S15PI

Mlchelin B ; 684

Moet-Hennesoy 595
Moulinex i 60.1|

Paribas- ! 21081

Pechlnny I101.7*!

Pernod Rlcard ... 888.8: —5.7

Perrier 152.7( -1.3

Paugeot-SJl 1 181.5/ -1.5

Poclain - 152 i —9^

Radiotech _- 841 I —IB

RedDute ,! B84 i +1

Rhone-Poulenc ..'113.6s;

Raussej-Udaf 251 ; —6

SLQobain 152.5S;

SkJ* Rossignol..;.] 546 —9

Suez ! 331S [

Telemech Elect.; 1.085

Thomson Brandtl 252s

Valeo ! 227J5

HOLLAND

Jan. 25

I Price 1
: FIs. ;

+ or

ACF Holding...—!

Ahold i

AKZO - i

ABN ,

AMEV

AMRO |

Bradaro Cert >

Boss Kails

Buhrmann-Tat ...i

Caland Hldgs

Elsevier NDU

Ennia...

Euro Comm Tat. ..i
Gist. Br o cade s .— |

Heinekon

Hoogovons /

Hunter Douglas..

Int-Mulier

KLM •

Naards's

Nat Ned cert (

Ned Crad Bank...'
Nad Mid Bank......

Ned uoyd ;

Oce Grinten

Ommoren (Van)..

Pakhoed-

Phillips •

Rijn-Schslde

Robeco

Rodamco

Rolinco

Rorento-

Royal Dutch. >

51 avon burg's

Tokyo Pao Hg.....

Unilever

Viking Res,....

Vmf Stork

VNU

Volket-Stevln

West Utr Bank.....

ai :

50.61
85J2;
885 )
B3.3'
61.3/
197 !
65 •
39.7.

34.5
1S5.B
111^.

74 L
69.7!

53.51
16J3 ;

7.1;

20 I

87.7^

29.5
108.6’

34
184-
132.7
73
30.2
43 -

22.51
36 ,

217.6

110.7
212.6
137.5

81.9
76.5.
830.5'
1542
126.5,
42 ;
58 1
29 '
87.5'

-OJ
+ 0.1
-l
+ 0.4
-0.4
+ 2
+ 8
+0.5
+ 0.2
-0.3
+ 1

+iu"

t0.7

+0.2

—0.1

- 0.1

+ 0.5
+ 0.6

+0.9
+ 3.3
-1.1
-0.3
-0.1
-0.1

+0.1
+ 1
+0.8
+ 0.3
+0.1
+ 0.1
-0.7
+ 2.8
+ 1.5
- 0.1
+ 2
- 0.2
-0.5
-0.5
+ 6.5

ITALY

Jan. 25

Price 1 +or
Ure -

Asslcur GerC 14B.050

Banca Com’le ...36,260

Bastogi Fin 140

Centnde — .... 3,190

Credits Varesi no 8,400

+ 50
—70
-5
-110
+ 110
-11

119
163S
65.5 ,

130 ' —

41.5 —1

1,475 +3
405 ; —8

84 •

876.71 -0.8
768 I —12
1.5901 —15
30-Bi + 1,4

-IB
-18
+ 1.8

-10

-6.5

GERMANY

Jan. 25

Pries

Dm.

+ or

44

422

135.5!

116

186

277

- 0.6

1.5
j -0.8
+ 2

AEG-Talef J

Allianz Vers i

BASF : — )

BAYER.

Bayer- Hypo

Bayer- Verein I

BHF-Bank ;

BMW

Brown Boverl
Commerzbank .J 132^1 +0.5

Conti Gummi ; 47.3 — 0.5

Daimfor Benz^w.j £69.2; +2.0

199 ; —1
192.5- -1
219 > -1

Degussa j 239

Demag 138

D'sche Babcock.] 186.5;
Deutsche Bank...] 272.2i

DU Schult 142 .

Dresdner Bank... 133.8.

GHH 210.5

Hapag Lloyd. 65 I

HoachsL 116xr-

Hoesch „...! 23.4

Holzmann (Pj ...... 397 ;

Horton. ......j 110 J

Kali und Sale j 178.5-

Karstadt. 1 162.5,

Kaufhof j 138.2:

KHD , 185.5,

Kloeekner , 57.5

Krupp 543

Unde 1 317

Lufthansa j 55.5,

MAN 10a ’

Mannesmann «... 146

Mercedes Klg 1 349.5!

Metallgaasair. j 855 i

Muench Ruck.....,' 680

Preussag.^ 1 201.8!

Rhein West Elect 1 173 J3

Rosenthal ' 270

Sobering 1 280.5]

Slemen 1 310.6[

Thysscn _...' 73.6'

Varta '173

Veba rt...: 131

Verein -West 270
Volkswagen. — .1 ISA

— 1.5

- 2.5

—ijB

-1

+1

- 0.5

-OJ

-3

; 35

+ 1

8.840

—43

mm

36,300

120C

152.5

2,600

2,441

1^47

535X3

16,550

13^00

-2.5
+ 11

Parelll Co

Plrolll Spa .... ....

Snia Vlscouu

+ 11
-23
-2.5
—410

do. Prof.

—300

NORWAY

Jan. 25

Price

-Kroner!

+ or

BergansBaka -

UB ,

4-2

Borreoaard

135

+ 2 A

Oredltbank

144 1

+ 2

Elkam

54 :

+ 2

410

+ 10

Norsk Hydro

402.5;

-2.5

Storebrand

242.5

-2.5

SWEDEN

Jan. 26

Prloa ,
Kronor

+■ or

AGA

225 |

+ *'

A/fa- Lava/

213
180 !

—3

355

-3

134 :

1 Bol (den

229 i

—2

272 •

—6

93.5;

-1

226

-3

175 j

Fagerata

162 |

-1

] jTaJ 'll J7TT*PPIW

97 !

+ 2

154

140 1

-i

259 ;

-2

545 i

• — 25

249 ;

-3

ISKFB

161 i

-3

St Kopparberg ...

533 1

—4

■ r ;1 i nr-'Mi w

133 ;

-2

125 1

+ 2

kiiigH

167 j

l

— 3

SWITZERLAND

5 i

+ or

Jan. 25

Prloa

Fra.

-1
+0.5
— O.B
+ 1
—1.4
-0.3
-rO.G

-a!s

-1

- 0.5

+1

+20

+ 0.B
+ 1.1
—3
+ 0.3
— 1
-0.7

+'i'-
+ 1
-0.7

AUSTRALIA

_

Price i + or

Jan. 86

Aust 9

—

4.12

-OJJ

3,5

1.53

—0.62

1.70

1 Audi moo

0.10

1.5B

—0.02

1 f.vlilfr'*'* * jPIP

2.38

+ 0JS

2.95

+ 0.04

2.03

-0.0)

Bank NSW

2.80

Blue Metal

1,56

—0.02

Bond Hldgs

2.6

+ 0.1

Bora)

2.85

B( villa Copper ...

1.15

-ti'ia

Brambles Inds...

2.35

Bridge Oil

4:10 H

— O.DB

BHP

9.1

■4-0.66

0.16

CRA

2.65

CSR„

3^8

+0.62

■ J ** j 1 1 "'"i J R ' m j ^

2.50

-0.06

3.4

-0.1

0.67

1 Do. Opts

ECU

1.31

+ 0.61

Colas /CLJi...

2.30

Com *l*o — .

1.45

6.40

Certain

2.85

+0.1

Crusader Oil

5.7

Dunlop

0.96

+0.02

Elder Smith G h

4.2

tO.I

Endeavour Res.

0.32

Gen Pro Trust..

1.73

^o.oi

Hartogen Energy

5.6

1,30

ICI Auet

t6

-o.i

^TirTPTfmfTnfi^

1.65

0.12

0.38

ToAPMM

2.85

+bjj'i

2.8

— 0.6S

0.27

+ 0.01

1 Monarch Pet

0.16

+-0JH

1.46

iNsit Bank.

2.63

-0.02

iNews

2.50

1.32

IcrmnStr™

2.53

tOJJS

1.67

Otter Expel

1.00

2.15

0.10

1 / i

1.48

-jilaz

0.12

— O.PB

2.35

-o.os

■ Santos

5 £

— 0J2

I Sleigh (HO

1.12

1 Southland M’n'g.
(Spargos Expel.. ..

0.35

jThos. Natwide....

2.48

-0.62

2.10

E. r.lii T.M

1.70

—0.16

0.18

Waltons.

0.85

Western Mining..

3.85

tD.15

Wood 8/do Patrol

1-07

+ 0JJI

Woo (wort hi

1.6

—O.OS

Wormald Inti

2.6

HONG KONG

Jan. 22

Price

+ or

H.K.S

Cheung Kong

21

-r 0.5

Cosmo Prop

Cron Harbour....

2

11.2

t0.1

Hang Sang Bank

130

>4.2

HK Electric...

5.65

>4-0.10

HK Land

9.25

+ 0.28

HK Shanghl Bk...

14.9

+ 0.2

HK Telephone....

30.25

■rQ.a

Hutchison Wpa...

17.6

-4-0.5

JardlnoMath —

19.2

t 0.4

New World Dev..;

4.85

•4-0.06

O'aeas Trust Bk..

5.B5 .

.0.10

SHK Props.

8.45 :

Swire Pao A

11.3

Erfs

Wheel* Jc Ward A..

6.65

KEGJ

Wheel* k Merit!'*

6.20 -

World Int Hldgs.

2.55

JAPAN

Jan, 26

Price i+ or

Yon ,

—

Ajinomoto.

949 ;

■*■49

710 !

—10

Asashi Glass

704 .

+ 24

Bridgestone

Canon. — 1

446

WUg 1

+ 2
+ 30

Citizen 1

337

649

+8

DKBO

470 .

Dal Nippon Ptg...

766 1

— 1

Dai we House J

367 ,
378 1

-3
+ 2

JAPAN (continued)

Alusulsse 635, —8

Brown Boverl_...- 1,050' —15

Clba-Gelgy

do (Part Certs/..

Credit Suisse...';..

Elektrowatt..

Flsoher iGeoi ~...

H off -RochePtCt* 62.000

Hoff- Rocha 1/10. 6,175i

Interfood- • 5,525; —85

Jalmoll 1,340

Land* ft Gyr 1 1,090'

Nestle !

Oer-Bub/lf* !

Pirelli

Sandoz IB) ;

Sandoz (Pt Cts) J
Schindler (PtCts)'

Swiessul — |

Swiss Bank— I

Swiss Relnsce ...'

Swiss Vollubk ...1 „

Union Bank -.—.I 3,100' — 15 '
Winterthur «.*„.! 2^30‘

Zurich ins.. 15,725! —75“

1,250 —80
960 —15
1.990: -5
2,300 +5
4951

, —10
S.155J —SO

IMS) —35
227i
4,3291
sial

241'

698]

308
6.30D
925

+1

+ 1
-3
-100

Ebara 469 j

EltaL 11,020

Fuji Bank 500 ’

Fuji Film - 11.480 '

Fujisawa.. >..1,450 :

Fujitsu Fanuo .... 7,580 1

Green Cross :2.050 -

Hmsegawa i 685 :

Heiwa Rl East „..! 559 1

Hitachi 726

Hitachi Koki ! 586

Honda 864

Housefood i 995

Hoya ; 850

/toh <CI : 350

Ito-Ham 430 •

Ito-Yokado :l,0B0 ,

JACCS^ : 580 1

■JAL.. _.|2,410 !

JUSOQ ; 708 ■

Kajima 350 !

Kao Soap 560

Kashiyama < 831 ,

Knckoman — 445

Kirin 435 •

Kokuyo 890 ;

Komatsu j 495 -.

Komatsu rift. .. 330 ,

Konlshroiku. 1 637 :

+ 9
-80

+20*

—40

+ao
-50
—3
T 13
+0
-17
t35
—4
-23
-6

-io'
+ 8

-T”

-16

+30

-3

Jan. 26

Price

Yon

+ or

Kubota

340

KumgaaJ

370

+4

Kyoto Ceramic...

3,860

+ 40

Lion

399

+ 10

Maeda Cons

531

+ 1

Maklta

871

-14

Marubeni

330

Marudai

669

—6

Marul

1,000

+ 9

Matsushita

1.360

+ 80

M'ta Elec Works.
M'bishi Bank

578

-2

492

—1

M'blchl Corp

630

+ 5

M'bishi Elaet....

341

M'blahlRI East:..

438

-3

MHI..„

260

+ 4

Mitsui Co

538

-f8

Mitsui Rl Est

660

+9

Mitsu-koshi

416

-2

NGK Insulators..

525

+5

Nippon Denso....

1,130

+ 100

Nippon Gakkl

720

-18

Nippon Meat

: 400

Nippon OH.. .. ....

995

+ 43

Nippon Shtnpan_

995

+ 20

Nippon Steel,....

. :b2

+4

Nippon Suitan....

265

-3

4.3B0

-40

Nissan Motor ....

866

+ 18

Nissh in Flour

33B

+ 2

Nisshin Steel

169

—7

Normura

580

-3

NYK

505

-2

Olympus

1,140

+ 20

Orient

1,500

Pioneer

1.840

+ 10

Renown

7B6

*+l

Ricoh

707

+ 9

Sanyo EJsct

515

+6

Sapporo

255

-> 2

Sakisul Prefab...

760

Sharp

- 857

-11

Shisiedo

828

-6

Sony

3,900

-20

Stanley

390

+9

Stomo Marine..

291

-7

Taihel Dengyo..

586

—2

Tafsel Corp

265

+ 5

TaishoP harm....

610

+ 7

Takoda

1.070

-20

TDK

4,980

-60

Teijin

246

+ 4

Telkoku Oil

740

+ 14

TBS

440

-5

Tokio Marine .. .

492

+4

Tokyo ElectPwr

920

-1

Tokyo Gas

114

Tokyo Sanyo

519

+ 11

Tokyu Corp

216

Toshiba

394

+ 3

TOTO

4Z0

+ 3

Toyo Selkan

414

-11

Toyota Motor ....

1,070

2 B60

+ 60

770

.

Yamaha

915

+ 5

Yamazaki

581

+ 10

Yasuda Fire ....

243

-2

Yakogawa Bdge

544

-9

SINGAPORE

Jan* 22

Price

*

+ or

Boustead Bhd...

2.65

-0.61

Cold Stores b

4.24

+ 0.D<

DBS

B.3Q

Fraser ft Neave ..

6.15

+ 0.16

Haw Par

3.42

+ 0.02

Inch capo Bhd ...

2.03

-i 0.05

Malay Banking...

7.05

+ 0.25

Malay Brew

4.8

OCBC

1L8

+ 0.4

Sime Darby

2.87

4 0.D2

Strafts Trg

20.10

+0,45

UBO..

4.30

SOUTH AFRICA

Jan. 25

Prioo + or
Rand - —

Abarcom • 4.2 ; +Qja

ae ft ci ; g .75

Anglo Am 15.5 . -rO.Dfi

Anglo Am Gold... 86.35 -0.80
Anglo Am Prop—' 3.4 —0.05

Barlow Rand ; 10.3 —0.1

Buffals • 38.25

CNA Invest I 7.05

Currie Finance...] 2.85

Da Bears 8.55

Drlafontaln 27.1

FS Geduld - 39.5

Gold Fields SA ...- 65
Hiahvald steel ... 5.35

Hulatts. ] 9.5

Kloof.. 1 .... ;• 33

Ned bank 1 6.65

OK Bazaars.. .... 19.5

Protea Hldgs 3.45

Rembrant 11.3

Rennies.. 5.6

Rust Plat ....- 4.9

Sags Hldgs 1 2.90

SA Brews - 4.88

Tiger Oats 21.5

Unlsec. 3.4

-0J2

— 0.D3
-0.6
+ 0.5

+o!is

—0.05

- 0.2

+ 0.15
— 0.2

Financial Rand USS0.75i
(Discount Of 23£%)_

BRAZR.

Jan. 25

P r oc + er
Cruz —

Aeslta..

Banco Brasil

Banco itau

Belgo Min

Lojas Amer

Patrobras PP..— .-

Pirelli OP

Souza Cruz...— .

Unlp PL

Vale Rio Doce —I

1.65
10.05
1.55
3.50

6.90

7.90

1.90

7.35

7.20

8.00 -0.05

0.35

-0.45

Turnover: Cr.1. 628.1m.
Volume: 227 Jm. _

Sourci; Rio de Janeiro SE.

NOTES— Prices on Ibis page era ss' CMotad en the
Individual exchanges sod vs Jsst traded prices. fOesfing*
suspended. xdEx dividend, w E* scrip Issm. sr Ex rights,
as Ex aU.

28

iFinantial Times Tue^y Ja^ary .2^ 1982

BRITISH COMPANIES ABROAD

Inchcape’s Latin American strategy

By Hugh O’Shaughnessy, Latin America Correspondent

INCHCAPE, the London-based
international trading company
which has up to now been
better known for its activities
throughout Asia, is making a
bold bid to establish itself as
a power in Latin America.

The last ann ual report showed
that no more than 3 per cent
of turnover or £45m was
generated in the Western Hemi-
sphere and 5 per cent of pre-
tax profit or £3.59m came from
there. Unofficial forecasts sug-
gest that by the end of the
decade perhaps a fifth of the
group’s business and profits will
be accounted for by Latin
America alone.

Inchcape’s strategy emerged
last April when it took the
remains of the old Liverpool-
based empire of Balfour
W illiams on off Lloyds Bank
International (LBI) and thereby
acquired a ready made base
of operations in Colombia,
Ecuador, Peru and Chile.

It acquired, too, last year the
services of Mr Colin Armstrong,
a man with long banking experi-
ence in Latin America who had
Indeed negotiated the sale of
the ex-Balfour Williamson
assets to Incbcape on behalf of
LBL If all goes well Inchcape’s
new acquisitions could forge
ahead secure in the knowledge
that -they had the managerial
and financial backing from
Britain that they seemed to
have lacked in the recent past

Balfour Williamson itself was
founded in the heyday of Liver-
pool's prosperity in 1851 and
built itself up as a trader and
banker on the Pacific coast of
South America. In 1960 it was
bought for the Bank of London
and South America (BOLSA) by
the late Sir George Bolton who
had gone there from Thread-
needle Street with a brief to
create a strong new unit out of
a bank which had appeared to
bcve lost its way. In the event
BOLSA never did find its way
and was absorbed by Lloyds
which made it the basis for the
new Lloyds Bank International.
The clutch of trading com-
panies limped on embarrassed
and unloved by a management
which did not share Sir George’s
vision of their potential. There
were some efforts to get rid of
them. They were indeed offered
to Inchcape a decade ago at a
bargain basement price but
Inchcape, reading the news
from Chile and the Allende
government, was in no mood
then to venture into Latin
America.

Inchcape too was in process
of expanding eastwards with
acquisitions in South-East Asia
and Japan. In 1975 LBI man-
aged to sell off the core of Bal-
four Williamson but retained
the trading companies for
another six years until Inch-
cape finally bought them last
year in a fll.Sm share deal.

Lord Inchcape

Bob Hutchison

They are a mixed bag of
traders including:

• Tracey in Colombia, whole-
saling and retailing hardware
and vehicles:

• Quito ■ Motors, a Ford fran-
chise holder in the Ecuadorean
capital;

• Anglo-Ecuatoriana specialis-
ing in insurance and shipping
agencies and vehicle assembly
and distribution;

• Milne in Peru, also in vehicles
and shipping agencies;

• and a bunch of companies In

Chile which market products
ranging from fire extinguishers
to abrasives.

They went to join an Inch-
cape Latin American holding
which already included a ware-
house and forwarding operation
in Panama, a general trading
'and oil industry servicing com-
pany in Brazil and an insurance
agency in Mexico.

Inchcape now says that morale
is recovering fast in a group
of companies which have passed
from being an unwanted appen-
dage to a big bank to being a

key component of an ambitious
international trading company.
Managers have been sent off
from South America to visit
other parts of the Inchcape
empire to see what products and
ideas they can pick up and what
they can offer from their own
companies.

Colin Armstrong is keen that
the South American companies
where possible should play a
part as foreign traders in assist-
ing Government development
plans by, for instance, finding
new export markets for South
American goods and not just
limitin g themselves to import-
ing their traditional wares.
Inchcape has said it is
attracted to the idea of trad-
ing across the Pacific Basin and
—though some of the shine has
come off what was a very trendy
concept a decade ago — there is
clearly an advantage to the
group as a. whole to have its
companies corresponding

between Pacific South America
and Japan and Malaysia.

Armstrong also sees the pos-
sibility of a rebirth of interest
in and a return to favour by
trading companies among
British manufacturers. He
argues that in the immediate
post-war years successive
British Governments did not
look kindly on what were seen
as relics of empire and British
manufacturers still do not use
them as they might

Immediate expansion plans

tinder way for Indicate in

Latin America include a boost
to Market Managers, tire Pana-
manian company wttch-
space in the overcrowded but
highly successful Colds Free
Zone. MarkatMam^ers is tak-
ing space on the new France
Field site which is being -added
to 'tiie existing site and from
there hopes to persuade British
and ofcer suppliers to use ft as
an entrepot in P anama for
goods destined to Latin
American customers.

In Brazil .toe group is plan-
ning to put to use the expertise
in serricmg toe ciii industry that
its subsidiaries in the Golf have
acquired. In Mexico, where the
group myrnhwK oniy an insur-
ance agency, i t has won a con-
tract tor toe improvement of the
country’s dogged and inade-
quate ports, «gam using exper-
tise ft amassed' in the Middle
East

Mr A rmstr ong is conscious
that many Britito co mpanie s
have written off Latin American
markets as a rest® off bad ex-
perience in one or other country
of toe region. He points how-
ever to the consfistentiy positive
results of a number of major
companies including BAT, 'Uni-
lever, Shell and J & P Goats
which are . established in
number of countries of toe
region and Which can offset
bad year in one place with good
results elsewhere in Latin
America.

Lloyds Bank

a fresh approach to

international banking

Major corporations
expect a superior
banking .service.

Lloyds Bank International
can provide it; because we
are integrated as a commercial
and merchant bank internationally.

It is this that makes us different

What's more, no bankis backedby a stronger
capital structure.

In an unsettled world we know there are business
risks as well as opportunities. Our skill lies in
combining realistic advice on complex financial-
problems with the resources to implement
practical solutions. .

We are as reliable in handling trade finance as
when assembling finance for the biggest of
multinational projects. We are as much at home
in our domestic markets overseas as in the
international capital and money markets.

We operate in depth across five continents and

conduct business in over
a hundred countries. Yet

our management remains a
close-knit team of
professionals; and we are
structured expressly to enable
them to communicate freely across
the globe and to our top decision makers.
It’s because we are integrated that wherever you
deal with us-

Li. LU

• You lock into a geographic network and
range of services matching the best

• You tap a fund of expertise and
reserve of knowledge second to none

• You secure the fast and sure response
that gives you the edge .

A fresh approach to international banking

Bank
International

BASE LENDING RATES

. AJBJSL Bank 14 %i

Allied Insh Bank 14 %'

•American Express- Bk. 14}%

Amro Bank 14%

Henry Ansbachec. 14 %
Arbutimot Latham- ..i 14 %
Associates ■ Cap. Gdrp. : 15 %
Banco de Bilbao ; 14 %

Bear 14 }%

Bank Hapoalim BM ... 14 %
Bank Leuinl <UK) pic. 14}%
Bank of .Cyprus . .!.... 14 %
Bank Street Sec.- Ltd. 16 %
Bank of N.S.W. 14}%
Banque Beige Ltd.-... 14}% .
Banque dn Bhone Ct de
■' la Tamise SjV^.;...-14}%

. Barclays Bank .....h. 14 %

: Beneficial Trust LtiLh lS %
Bremer Holdings :Ltdi l5 •%. '
Bristol A West Invest: 15' %

■ Brit B&nk of MMTEaat 14’ : %

■ Brown Shipley IS ,%

Canada 1 tennt Trust. L. 15%
Cavendish G’ty Tst-Ltd. 15}%
Cayzer Ltd. r...-.....:.....14}% .

■ ..Cedar Holdings 15-. %

■ Charterhouse JapKetl,. l5‘%-

Choulartons ..15 %.

Citibank Savings. L..;.5I5 : %
■Clydesdale Bank

C. E: Coates..,....-. 14*% -

Consolidated Credited. -14}%/
Co-operative. Bank ...:..!14 % .
Co rlnthian Secs. 14- .%
The Cyprus Popular Bk.: 14 %'.
Duncan :Lawrie 14:%

Eagil Trust .... ...Ji;;. 14' %

. E.T. Trust- - . 1-/14}%.'
First Nat Fin. Cprp.... 17 %.
First Nat Secs. Ltd. ... 17 '%
Robert Fraser ::L‘ 15 %

-_Griadlass iBanlr ........ .ti 4 «

■Guinness Mahon.; 14 %

■ Hambros- Bank- 14 a
Heritable,*. Gen; Trust 14 if
■Hill Samuel 8 Uijy

>£ Hoa re & Co. &

: Hongkong & Shanghai 14 S
. Ktrowsley * Co. Ltd... 15 w
..Lloyds Bank: ' ;iitw

. Mallinhall-T.hfrjfofl }..-14 %

. Edward Hanson &.CcJi5iqe
M idland, -Bank £*ig

■Samuel Montagu . 14 «
■Morgan Grenfell- 14 %
^National- Westminster 14 %
Norwich General Trast 14 - *¥,

; ■ P. S. Refeon *. Co, 14}%
Roxbnrghe Guarantee 15 %
E. S. Sfchwab: ..L-i..^„.l4 %
>SlaveiibnrB's 7 Bahk 14}%
Standard' Chartered "...1114 .%
Trade Dev. Bank 14 %

. Trustee Savings 'Bank 14 %

TGB 'Lti' r ..:::; 14 %

United. Barik pf Kuwait 14 %
- Whiteaway-Laidlaw" :.v 14}%
Williams. (ScfGiyu's ... 14 %
--Wlntrust Seek Ltd. 14 %
Yorkshire BAnk 14 %

■ MairibBia of Gib Accepting Homs
- Commltzao. ;•

• V-rdayi' deposit 11:50%.' 1-rponth

• 11.75%;.; Short -term. 0.000/12.
.month 14,10%.'

t Tr day deposits jin' sums, of: — unde/

• EiaOOO «11b%,- £10.000. up io
. £50,000 1 2VA. £50,000 8 nd dw

>12V%.

t Cdlf ^epOstls '£1,000 - -and over

r itiw..-;. .., • ;-v.

§ pamand deposits 12 ^%. “

31 : 21 -day dapoaltr. ovar /T.000 13%;
S tiortoa^e base- rate.

t

a nnounces that with
effect from close of
business on the
26th January, 1982

its

B ase Ratefof Le nd ingj
is reduced from

14J%tdl4% f

per annurfi

Grindlays Bank plIjx
I nterest Rates

. Grindlays- Bank-Iiinited amipi^css that _
its base rate fdrtod^gwfll change ' . .

• ; ; , • . J . . 14% '! ? ■ '

with-, effect from - Monday *-25fh : January:;

- The int^est-rates i^iid ezi !

. / call deposits . of £1,000 and oyer -liJ% ■'

. . {call deposits ^Ob - £9?9. ^0i%) ; ,‘V

Rates of interest on"4xed .deposits' of over. £5,000.- ;

. will be: quoted on request! # ! ' • ‘ ■: v : .

Enquiries: Please telephone 01-930 4611 ' - v -^

Qindlays

Bank pic. . ■ .

Head 0ffice:23 Fra cbnrdi Street, London EC3P3ED

3TIS> (

> '

1

. 1 * '

Allied Irish Banks

• «

INTEREST RATE

CHANGE

Allied Irtish

announce ; that with>eff^t ft'om
close of, business o n 2 ^th January ^
1 982 the Base Rate f^ adVMC^ ;# ;
is reduced from * ' M ' '

Allied Irish

£4/66i^ ColemEin

lk)nikui;£C2B SMk ^ ^ M

-.'X-

INVEST IN 50 ,(KI 0 VETTER

TOMOHiOWS!

50,000 people ip toe U mted.1

paralysing. .MULTIPLE: SC ffiER QSXSr-rt fae- ^ca a ae£ and ;
whidi. are Still unknown- 1 - HELP T7S Tcmigf ; - *rangif '

and HOPpL-v 7 ' v;-; : v ’i-

We need y.wm dcwtioh ^

for . the CARE and - ’WSLFA’RR-, -OF: MTTr/rfpT^.:
sufferers and to cb nfcme orir^jconnnitpiGctttr-:
and.: cure , of.: l^ULltFLE
BESEArc p: .... •. ; •• ••

Keafie ieip— -S«Jd A dimatipn today . to£

jBob&frj..;. ; ‘ V'.

The ffitaltiple Si^osls Soefety of GJS. and

1 ■ ■ T L .->■ U J 1 ; f l ; h _fb . * r .% .1 - ■.

■ •i.’is'w

- ■ - 1 -

28CHImister Bead - ,- m v -

- Tuesday January ,26 .1982

Coowuiw- and Waritt^ ;

.1

COMMODITIES AND AGRICULTURE

29

Soviet

timber

cheaper

V. f

;»•

- ; By Oor OwnCorrwpomJerrt

EXPOR'TIJSS: THE' Soviet' sell-'
ins’ organisation- -£o r . .forest
products, la. a . decisive. move to.
. reco ver, its normal share, of the'
UK softwood market; has issued
Its firer schedule of juices for
1982. • • -

- The basic -'prices _ in~: the
schedule '. . show v ' appreciable
reductions on 'the . last- offer in
Maj 1981, and. .Doth the basic
prices and the detail' of-, the
schedule are keenly competitive
with current .Swedish; Finnish
pad Canadian, quotations. Indeed
these and~ other supplying
countries ? will .have, to put any
thoughts of price Increases
which they , may have been
cherishing to the back of their
minds. " t "

For the -past 1 two years the
Russian .share o£ : the UK soft F
wood market has dropped four
to five points bfelow their usual
20 per cent share -by volume. In
todays ! depressed- ma rkets the
Russian 1 sell ers' hive realised
that : a : decisive gesture was
needed to temnt Importers Into
the market— hence ; the keen
prices. r : -

A fall dad se. Jirtuch- protects
Importer? from 'any reduction
in prices in 7 any subsequent
schedule is included as an
indite eniem, and there is the
usual currency provision. .

The nominal amount in the
schedule is around-3B(),000 cubic
metre?, hut jt is acknowledged
that Exporties would fike.to sell
just over lm cubic metres to the
UK this year, which is likely to
be about 20 per .cent of the
expected import.

:&

Guyana bauxite
production down

-Georgetown, - Guyana —

Guyana's 1981 bauxite produc-
tion was around 30 per cent
below target' according to
official figures in' the bauxite
industry publication-. “ Guymine
News.” .

• Production ■ of .calcined

• bauxite was 514,000 tonnes, 30
per cent below planned levels,
as- was .thgl case with metal
grade;.banxit*i with an outnut
of. €40.000 tonnes, and alumina,
with 170,000 tonnes produced
against a -target of. 240,000
tonnes.

• The signing of the agreement
— under -which Jamaica will pro-
f ride bauxite ' for the U.S.

strategic stockpile ha3- been
j delayed by one or two weeks,

• the Federal Emergency Manage*
; meat Agency <FE311A) said at-

the weekend; ... . : -

Reuter • - : - -*

Production cuts
boost zinc

BY JOHN EDWARDS, COMHODlTfES EDITOR

ZINC PRICES moved up again
.on the London Metal Exchange
yesterday, following reports
that several large producers
were cutting output still further
la an attempt to bring supply
closer into line with demand.

Cash zinc closed £6.75 up at
£443 a tonne. £20 higher than a
week ago in spite of moves by
two West German smelters last
week to cut their official Euro-
pean producer selling price by
$75 to $875 a tonne. Other pro-
ducers, however, have failed to
follow suit. Instead Comlnco .of
Canada and As arco in- the U-S.
announced output cuts because
of a shortage of concentrate
supplies.

However latest figures issued
by the European Zinc Institute
suggested by rising production
during December in Europe,
plus sluggish demand, had
pushed up closing stocks' of
primary zinc held by smelters
to 156,100 tonnes at end-1981
compared with 142.900 at end-
November and 243400 tonnes a
year ago. Further talks are also
due to go ahead today seeking a
settlement of the seven-month-
old strike at Tara Mines in
Ireland.

Zinc stocks held hi LME ware-
houses dropped last week, by
2,275 tonnes reducing total
holdings to 68,550 tonnes.
Copper stocks declined by
2,150 to 125,675 tonnes and
nickel by 246 to 2,094 tonnes.

In contrast lead stocks jumped
by 4,350 to 59.275 tonnes, but
since the rise was In line with
market expectations It had little
impact and the cash price closed
£9 up at £352.5 a tonne.

Aluminium Hocks also rose
by 3.075 to 67.475 tonnes,
and LME silver holdings
increased by 60,000 to 32,850,000
ounces.

Tin stocks increased by 2,075
to 26,385 tonnes. The cash
price eased marginally, but the
market was nervous following
rumours that the London Meta)
Exchange authorities were still
considering whether or not to
intervene in the market in view
of the impending squeeze on
supplies threatened for Feb-
ruaiy, especially in the
latter half of the month. There
is strong pressure for some
action to be taken, but some
traders claim ft is mainly
coming from those who have
failed to cover “short" (sale)
positions.

Hong Kong exchange
shows rapid growth

BYMfCHELLE MfSQUfTTA IN HONG KONG

THE HONG KONG Commodity
Exchange reported a healthy
160 per cent increase in trading
last year and hopes to see more
.than a million' lots traded this
year. The most popular market
last year was soyabeans, but the
fastest-growing one in sugar.

A total of 810.896 contracts
were traded in 1981 compared
with 229,755 in the previous
year. Of the four markets
traded, soyabeans reached
442,708 lots, sugar traded 219.534
contracts, gold futures totalled
32,740 and cotton
reached 15,814.

Trading in sugar futures has
picked up only recently. There,
was a record ‘turnover of 3,946
contracts on January 8 this year.
The spurt in the sugar trading
could push. turnover this month
to 55,000 contracts compared
with only 26,000 in January last
year. •

. Kerin Rafferty . writes: Hong
Kong has taken a small step
toward towards the creation of

a financial futures market with
the first meeting last week of
the working party charged with
the task of laying the ground-
work for such a market.

But it is possible that the
British colony may find it is
overtaken by Singapore which
is understood also to be plan-
ning to introduce financial
futures au€ may even have a
timetable set next month. Most
analysts do not think there will
be room for successful futures
futures -markets in each of the two
Asian city-states

The Hong Kong working
party comprises representatives
from a wide group including
the General Chamber of Com-
merce, the Hong Kong
Commodity Exchange. Seacom
.Holdings (the promoters of the
exchange), the International
Commodities Clearing House,
the banks and the deposit taking
companies.

Britons eat
more UK
butter

By Richard Mooney

THE UK moved closer to
self sufficiency in milk and
dairy products last year in
spite of cuts in the number of
dairy farmers and the number
of dairy cows, according to the
1981 edition of M Dairy Facts
and Figures.” published by
the Milk Marketing Board.

The number of producers
continued its steady decline,
reaching 53.-725 in 1981 com-
pared with 56,247 the
previous year and 151.G25
back in 1960. The number
of dairy cows also fell, to
3.213,000 from 3424.000 in
19SG and compared with the
1973 peak of 3,436,000.

Bat at the same lime the
annual yield per cow reached
4.810 litres. In 1980/81 up
from 4,720 litres in 1979/80
and way ahead of the 3,520
litres recorded in 1964/65.

The net result, according to
provisional figures recently
published by the OTMB. was a
1 per cent fall to 12.652m
litres in total 1981 milk pro-
duction. But this was more
than compensated by a
further 1.8 per cent decline in
liquid milk consumption to
6,260.4m litres, allowing in-
creases in production of
butter and cheese. Over half
the butter and nearly three-
quarters of the cheese con-
sumed in the UK last year
was produced domestically,
the MMB said.

MARKET P ROFILE: TOBACCO

No tears for world trade

BY ROY HODSON

Poor crop news
boosts sugar

By Our Commodities Staff
NEWS OF a poor Soviet sugar
beet crop encouraged a rise
in world sugar values yester-
day. The London daily price
for raw sugar was fixed £7
higher at £174 a tonne.

Official statistics issued In
Moscow at the weekend put
the 1981 crop of beet, from
which sugar is extracted, at
60.6m tonnes, down from
79.6m In 1980. Coming on top
of persistent but unconfirmed
rumours last week that the
Russians had been buying
sugar on the world market
this encouraged speculative
buying. Such a low crop will
make further world market
huvfnff by the USSR virtually
Inevitable.

London traders said yester-
day's price rise was also
encouraged by the weakness
of sterling against the dollar.

THE TOBACCO barons in
Britain are acting like worried
men. They are “speaking up
for smokers ”in the _ words of
an expensive advertising cam-
paign which they are financing
in the Press.

The trade body for the in-
dustry. the Tobacco Advisory
Council, is managing the cam-
paign which is prompted by a
fall of more than 10 per cent in
cigarette smoking across ihe
nation since the last lax hike
in 1981. The idea of paying
£1 for 20 Woodbines has finally
changed the habits of many
former smokers.

Tears shed for the tobacco
business would be misplaced,
however. The international
groups that now share between
them a large slice of the British
marker are enjoying boom busi-
ness almost everywhere else in
the world where tobacco taxes
are less swingeing.

The cigarette companies and
■the tobacco growers are bene-
fit ing from steadily increasing
demand. Tobacco consumption
is now rising worldwide at more
than 2 per cent a year. Thus
there is a healthy market for
tobacco to match the expanded
acreages which have been given
over to tobacco crops, particu-
larly in some of the developing
countries during the last few
years.

As the 1982 crops are sold
the producing nations wiir be
looking for price increases.
Some are determined to in-
crease their tobacco earnings
this year by between 15 per
cent and 25 per cent.

China is the biggest single

180

USCanU/lb

VS TOBACCO
PRICES

IFhaCvinll

producer of tobacco in the
world with an annual crop of
arouud lm tonnes. However as
Chiua smokes her own and im-
ports tobacco as well her impact
upon the world tobacco trade
is small. The dominant pro-
ducer is the UK. with her
apparently limitless capacity to
grow ttrs [-class cigarette tobacco
for domestic needs and exports.

The U.S. crop topped 900,000
tones last year — an increase
of 14 per cent upon the pre-
vious year. U.S. tobacco is pro-
viding one-Uiird of the world's
international trade and has the
valuable under-pinning of a
vigorous home market.
Americans are still enthusiastic
smokers and cigarette sales
there rose by about 1 per cent

The Commonwealth Secre-
tariat recently reported that
slocks of unsold tobacco held in
developing countries have
signifies niJy reduced in recent
years. Most countries in the

tobacco exporting business did
better last season and during
the curreot growing season they
are looking forward «o further
increases in business.

Flue-cured tobacco (where
oil, wood or coal is used as a
hear source to aid the curing
process) is sold as toe Virginian-
type tobacco and accounts for
about half the total market.
Air-cured (or hurley) is
naturally cured tobacco and
caters for a smaller, but none-
theless important, market.
Tastes in tobacco for cigarettes
are changing. For instance, the
French tobacco monopoly is
now trying to grow flue-cured
tobacco in France and' is
importing some as consumers
in France swing towards the
Virginian, cigarette.

The rising cost of fuel for
the production of flue-cured,
tobacco has helped the steady
increase in tobacco prices
during the past ten years. From
the point of view of the hand-
ful of international tobacco
companies, however, the most
important development in the
trade is the narrowing of price
differentials between the top-
class tobaccos grown in
America (regarded as unbeat-
able in the trade) and the
tobaccos produced by many
other countries.

Ten years ago good Canadian
and Korean tobaccos were
traded at about 80 per cent of
the price oF U.S. tobaccos.
Brazilian. Indian and Pakistani
tobaccos made only between 40
per cent and 50 per cent of the
U.S. prices. By the end of last
season Ihe price differentials
had narrowed significantly.

Most tobaccos were priced at
arouud 70 per cent of the U.S.
price.

The tobacco companies are
now reacting against paying
near-U.S. prices -for tobaccos
they consider much inferior to
toe U.S. product.

The coming tobacco buying
season will be marked by a stern
fight between the big buyers
(who are anxious to restore- the
differential between U.S.
quality tobacco and the other
growths) and the developing
nations who 3re looking tor
higher prices to offset their ris-
ing fuel end labour -<;asts. -

The tobacco companies be-
lt evo they are In a strong posi-
tion. A leading leaf buyer said:
“The tobaccos from the develop-
ing countries are just not as
good as the U.S. tobaccos. If
the price difference disappears
we will simply buy more US.
tobacco — and the U.S. is
capable of providing all the
quality tobacco the world needs
for its cigarettes.” . . -

Tobacco prices we're given a
Tremendous fillip by the success
of flie Zimbabwe auctions last
year. Prices doubled and some
of the cron was more expensive
than U.S. tobacco. - Other
rt eve Inpin a countries have been
much encouraged by . the
Zimbabwe hirii prices. Brazil is
looking for price increases of
up to 25 per cent for ' toe 1982
crop. Olihev producers are al-
most as pntimtstic.

The tobacco companies are
expected to trv to hold the line
at increases of less than 15 per
cenl for “cheap" tobacco from
the developine countries and 8
per cent for U.S. and Canadian

Tomato industry hard pressed

BY OUR GUERNSEY CORRESPONDENT

THE EFFORTS last year of
Guernsey’s tomato producers to
make economies, increase yields
and improve quality were. “of
little avail set against the many
adversities encountered," says
the island's tomato marketing
board in its annual report this
month. '

Local growers, says the board,
faced escalating production
easts, crippling interest rates,
depressed demand with low
price levels, the worst spring
and early summer weather con-
ditions of the century, and the
heaviest-ever Dutch competition
on the UK market due in no
small measure to the strength
of sterling.

The Island's attempts to
develop a French market also
received a setback and less than
a third of the quantity shipped
in 1979 was sold there last year.

As a result, in spite of gener-
ally improved crop yields, the
earnings of local tomato grow-
ers dropped from £19Bm in
1980 to £lG.2m last year and
many made "a very modest or
nil profit on their Investment
and labours for the third con-
secutive season,” says the
report.

The flm price support aid
made available by Guernsey's
government to tomato growers
over the February-June period
was used up and was not suffi-

cient to meet claims fully in
the final month.

While it is hoped that in-
creases in production costs will
be less onerous in the
immediate future, the board
thinks that the viability of the
island's tomato industry is
likely to “hinge completely on
efficient use of resources and
Improved productivity."

The report adds, “Most pro-
ducers will have made signifi-
cant savings already, and many
have achieved yields previously
believed unattainable. All
growers should strive to take
those processes further."

Russia buys
NZ mutton

THE SOVIET Union has bought
25,000 tonnes of New Zealand
muuon valued at NZ$30m. The
sale comes at a crucial time for
the NZ meat industry because of
pressure on storage facilities for
new season’s lamb. The sale
will ' ease pressure and also
ensure a good return for mutton,
although the price is not
exciting.

Since late last year the NZ
Meat Board lias been buying all
mutton production because it
considered the price offered by
exporters to be too low. Over-
seas demand was depressed and
buying by Japan. NZ’s other
main mutton market, has been
practically non-existent.

BRITISH COMMODITY MARKETS

AMERICAN MARKETS

LEAD AND ZINC ADVANCED in tho
London Metal Exrhanqe with tho Uttar
boosted by news of production cuts
by Asarco, Comlnco and * Preuscag:
throe months zinc touched a day's' high .
ot -£*6?. before closing at E45Q-5-. Lead,
rose' to close at £363, reflecting good
demand .'jjrompfad by. currency con-
siderations, while copper' held around
£879. Tin closed at £8.030; ihB Penang
market was closed far the. Chinese' New.
Year holiday.. -'Aluminium .was finally
£624.75 and nickel E3.T30: both mowed
tip «i..sierlirig lost ground against the'
dollar. ■

BS. 64 62, 63. 64. 66. 64, 63. Kerb;
.Three: months £362. 61. Afternoon: _
Three months £360. 61. 82. 62.5. Kerb:
Three months £362. 62.5.-63. Turnover:
17,775 tonnes. .

TIN • ! Official

*-itC"'+ or -P^m. J+ o

— .Unofficial! —

a.m.-i+or': p.m. .+ or

COPPER I Official • - Unofficial —

HlghOr de- i 4

Cash I . 848-.5 J-7.fi:

5 mtha I 815-.5 , — 6.B,

i £

Betti emT; 848.3
Cathodes!

Ca«h .J 845.5-6 1-8,25

B month* ] 873-. S W.261
Settlam't; 846 —9 |
S. Prod ! - I

... 849.5
Jh 877.5-8
7.6 -

847-9 .
87 4-6

•78A-8D

1-1.86

■ +.75

-2.25

:+l

Amalgamated Metal Trading .reported
that m the morning cash hi gher grade
. traded at. £848; three months EB78, 75.5,
-75. -3ft 7SJS. Standard: Cathodes: Csah
£8*6; throe months £87 4. Kerb: Higher
<3 rade: Threa months £875.5 r 75. 75.5.
■ Afternoon: 'Hi gher Grads: Cash £849:
three months' £676.'75.5, .75, 7fi, 75.5,
77. 78.. Kerb:. Higher Grade: Three
month* * £878, 78,. 79.5. 80, 79.5, 79.
Turnover; 15.275 tonnes."

High Grade £ . £ * I £

Cash ,. 8700-20 +27.5 B66080 .-17.5

3 month* i B06C-5 +*7.5 8080-38 plO
Settle m't i . 8720 ,+3fi — J ......

Standard: j'

cash 8700-20 +*7.5 856000 -17.6

3 month! ' 80603 +CTJ 8020-5 (-12.6 .
Settlam't' 8720 + 35 —

Strait* E. t334.50 ...... — I . —

New York ' — ■ ~ — l

Tin — Morning: Standard: Cash £8.700,
B.6S0, 95, 8700, 8.710; eerly-Feb £8.730:
three month* £8.060, 50. Kerb:

Standard: Cash £8,700; three months
£8.040, 50, 35. 40. 35. Afternoon:
Standard: Three months £8.030, 20,
8,000, 15. 20, 10. 20. 30. 25. Kerb:
Standard: Three montha £8.D20, ZS. 30.
Turnover; 6,695 tonnes. '

r orT pTm". " + o

ZINC I Official - — ■ 'Unofficial —

Aluminm a.m, j+ or, o.m. .+ or

| Official • — .Unofficial —

’J i ~£~; i £

Spot 1 594-5 ,+ 3.5 B9B-9 ,t1.S

3 months' 61B.3 +5.5 621-2 *1JM

t .» .

Nickel— -Morning: Cash £3.105: three
months £3.150. 40. Afternoon: Three
monibe £3.145, 3.140, 3$. Kerb; Three
months £3.135. 30. Turnover: 492

tonnes.

GAS OIL FUTURES

New contract low* were again made
on the near months as prices continued
to weaken in good volume alter open-
ing on the highs. A stronger New
York market fuelled a rally towards the
close, reports Premier Man.

Month

.Yanterdys + or Dual note
close — : Dona

NICKEL

I *.m.

W or!

p.m. + of

| Official

| — Unofficial —

l

3100-5

,+ 16 1

3080-100 +I7J

3 months 3140-6

+B0

3130-5 +30

* Cents per pound. 4 MS per kilo,
t On previous unofficial close.

January....

February...

March

April.

May..

June.

July

August

Sept.

Turnover;

tonne*.

a U.S.
per tonne

290.00
296.5Q

292.50

286.50
285.75

285.00

285.00

288.00
29X.SO
2.2G5 {2.

1—9.06 268.00
-2.25 23B.25-94.IM
-1.50 235.75-MAO
—0.50 287.50-84.75

28B.DO-aS.50

-O.M 285.08 B3 .25
— 0.25 -

- 2.00 -

-3.50 -

023) lota of 100

SILVER

GRAINS

LEAD j Official

x.m. |+".or p.m. '+ or
a! I — Unofficial —

' : ■ e

852.5-3 1+5.5. 352-3 , + 9
3 monttnUl.76JL2S' + 6 : 362-3 +9

SatiJa/n't ‘ 35i .,+5,5. — .

UJB. Spot] .

i . -28-34

* Sv

\n

. Lead— Morning: Ca*h £355, 54.5.-52:
three months £380. 81. 61.5, 62, 63. 64,

i ' . * . * 1 J5 ■ £

Ca*h...._;446-,5. +15 • 445 .5 +8.7
3 month* 1 451.5-2 +15.7 449.5-50. +9
S'mant.J .446,5 ,+15 . — . > —

Primw' te — ■ — i *42 - 50 , — 6

Zino— Morning: Cash £448, 48: three
montha £448, 50, 61, 52. 53, 523. 52.
Kerb: Three months £450, 50.5. . Alter-
noen: Three months £451. ~50, 49.5, 50,
51. 5V.5, 52. 51.-50.5. 50. 49.5. Kerb:
Three'. montha '£450, 49, 48.5. 49, 60.

50.5, 50. -TumovBr: 12.325 lonnas.
Aluminium — Morning: Thrae months

£619. 18.5. Kerb: Three months £618.

18.5. ' Afternoon: Cash £598: threa
months £619, 18.5, 20. 71. 22. Kerb:
Throe months £623, 24, 24.5, 25. Turn-
over: 5,875 tonnes.

A TWO DAY CONFERENCE

Yoj

-jTt

.iiisM

SUCCESSFUL
TRADING IN
COMMODITIES

London. February 23 & 2i, 1982

CHAIRMEN: Jobs Edwards, Commodilfes EdiWt Financial rimes.

> . Keith Woodbridge, Managing Director, International Monetary
' :J , ■ Market, London.

This twnfay conference

%

■ W-Tfco kev commodities Wll be examined in detail: Grain, Soya, Cocoa, Coffee,
Sifgai; Potatoes, Rubber, Gold, Base Metals and Precious Metals.

• #^Sew^vdmments in trading facilities will also be analysed:
d The London Gold Futures Market

□ Tbe Internanonal Parolsum Exchange

□ The proposed London Financial Futures Market -opening in 1582

•- There will aid be presentations on: Hedging techniques, Forecasting models, .
"Ede planning, option trading, Currency risk factors.

Fpr full programme details and registration form please comply vl l return M
coupon below. Discount available for more than oik delegare frum tire «me Sra^

To: lSt5c for international Rescarch.TO Warren Street,

I.. London W1P 5PA. Telephone (01) 388 2663

' | Kama . . — — 1

I Company_L_^; —

i Attires* — —

I

Teleihon p - • •_ —

Sfiver was fcad 6.05p an ounce lower
lor spot delivery in the London bullion
market yesterday at 417p. U.S. cent
aquivalems o( the fixing levels were:
spot 772.8c. down 18.7c: three-momh
802c. down 16.4c: six-momh E34c.
down 14.7cr and 12-month 890.5c. down
16.5c. The metal" opened at 414-418p
(773-77Bc) and closed at 416-420p

(773- 778c).

SILVER Bullion J+orj LM£ +or
per J fixing | — pjn. J —
troy oz- j pries r lUnoffleT

Spot -.T '417.Q0D ’-6.05(418.8p -2JS
3 montha 4431. SOp [-B.5sl433.5p '-1.4

8 months .446,70 p ^4.75 —

12 month* 474.20 p -5-2S-_ —

LME— Turnover: 63 (77) lots ol

10,000 ounces. Morning: Cash 41G.5;
three months £431.5, 31. 31.5, 30.8.
Kerb: Three months -WJ. Altemoon:
Three months £433.5. 33. 32, 32.5.
Kerb: Three months 433.5. 34.

COCOA

Futures opened lower as due against
the previous New York close and there-
after traded quteiry within a narrow
range. Actuals business was quiet
wiib both producer and consumers
awaiting developments from the current
ICCO talks, reports Gill and Dufiua.

~ “ .Yes 1 relay's ~-f~ or , Business

COCOA . Close : — • Done

U> rc h } 1202 03 .—18 .1209-396

May 1180-81 .-18 1188-79

jES... '*1191-92 —16 1 1198-87

Sent ; 1209-03 '-14. \1207

Dee -I— 1 1213-14 f-11 -1217-10

March .1 1223-26 -11 ’1226

ES : 182B-36 -10. 5

Sales: 1.887 (1.191) Jots of 10
tonnes. .

ICCO— Daily price fob Jan 25: 97.11
(99.40). Indicator price for Jan 25:
99,64 (100.08). U.S. cents per pound.

COFFEE

Mixed buying during a steady open-
ing fBiumed prices nearly to the recent
highs, reports Drexel Burnham Lamben.
Dealer selling prompted a gradual
decline and lack ol fresh physical
activity and the aarly failure to follow
a firm New York saw prices under
pressure before gains WBre restored.

The market opened unchanged on all
positions and then drilled on lack of
interest, Acli reports.

WHEAT BARLEY

Yesterd'ys- + or Yesterd'ys-f- or
Mnth close — close , —

Her... 11203 ,-O.W 108.45 -

May... 115,80 -0.1B 111.70 -0.10

July.. 118.95 . — O.K - , -

9C3...' 107.10 +0.06 102.80 .' + 0.10

NOV... 110.80 +0.10 106.60 +0.05

Business done — Wheat: March 112.10-
112.00. May 116.00-1 15.80. July no
trades. Sept 107.15-107.10, Ncv no
trades. Sales: 80 lots ol 100 tonnes.
Barley: March 108 50-106 35. May
111.S6-111-70, Sapt 102.80-102-75. Nov
106.60 only. Sales: 80 lots of 100
tonnes.

LONDON GRAINS— Wheat: U.S. Dark
Nonhem Spring No. 2 14 per cent Feb
120.75. March 121.50 transhipment East
Coast sellers. U.S. Hard Winter 13 1 *
per cent Fob 10-March 10 117,75 tran-
shipment East Coast sellers. Englith
Feed tob Jan 112.50, Feb 115. March
116.50 East Coast sailers. Maize:
French Feb 134.50 iranahipmanr East
Coast sellers. S. Airman Yellow
March 76.50 quoted. Barley: Enqlish
Feed lob Fab 11225 Bristol Channel,
April- June 116.25 East Coast sellera.
Rear unquoted.

HGCA — Locational ez-rarm spot
prices. Feed barley: Eastern 104.00.
E. Mids 1(17.70, Scotland 107.00. The
UK' Monetary coefficient for the week
beginning Monday, February 1 (based
on HGCA calculations using lour days'
exchange rates) is expected to remom
unchanged.

RUBBER

The London physical market opened
about unchanged, attracted little
interest throughout die day and dosed
slightly easier. Lawn and Peat recorded
-a. February fob price lor No.. 1 no
in Kuala Lumpur of — (209.0) cents
a kg and SMR 20 — (183 0).

No. 3 YesiVys • previous • Business
R-SJL ; dose close Done

difficulty in selling at pricaa rotated
to current cosia

SYDNEY GREASY WOOL— Close (in
Order, buyer, sailer, business). Aus-
tralian cams per kg. March 499.5.

500.0. 501.0-597.0; May 50B.5. 509 0,
5 C9. 0-507.0; July 510.0, 510.5, 51b 5-
516.0: Qcl 512.0. 513 0. 513 0-12.0: Dec

517.0. 518.0, 518.0-516 0: Msrch ■ 521.5,
522 0, 522.0-531.0; May 27.9, 528 0,
528.5-52G.0: July 531.0. 534.0, uniradad.
Sales: ICO,

LONDON NEW ZEALAND CROSS-
BREDS — Clone (in order 1 Oliver, seller,
business). New Zealand cents per kg:
Jjf? seller l 1 74, ml; March 263. "C9,
308; May 376, 379. 281-378; A««(j 289.
391, HM-390: Oct 200. 393. 202-'-9l; Dec
3?6, 390. 298-397; JJn 298. 40?. nil;
Mjrcii *08, 411. ml: May 413, 421, nil.
Sales: 23.

SOYABEAN MEAL

The market opened around Cl lower
on weaker sterling, reports T. G.
Boddick. Prices drifted in conditions
which were lacklustre except lor late
commission house selling.

Yeaterdys + or £u*ineu~
Close — Done

PRICE CHANGES

In tonnes unless otherwise suiad.

; Jsn. 85 1

+or

Month

1 1982 1

ago

Metals

Aluminium...

...£8101815

£810/81$

Free Mkt....

... SnilOittiQ

61139I|d5

Dapper

Ciuth h grad?...

4 mtha

Cash Cathode..

3 mths

Gold . roy oz....
Lead Cash. ..

4 mths.

Nlakel

Free mkt

£849.29

4877.76

LftqU

£075

S372

<352.5

£3b2.S

t3737,75

86U/295r

— lji £885
+a.7fijwei.S5
-2.!b£8Bb.5
+ 1 £bd5.5

-3 Wltt.6
+ 9 tiSoS.

+ 9 di/0.3

£SbJd.63

a«Jj90o

£

per tonne

February... U4.M 39.0 +0.1S li7.M-M30

April 12230 33.0 - 1.16 1J5J0 Si. Ml

June 152.00-52.6 -0.20 13J.6O-M.20

August : ISIM UJ - D.55 153,B0-U,M

October ; 155.50-35.5 -0.1D 114,60

Deo : lithfl 1BJI - U.25 -

Feb 1M.0D _ _

Safas: 228 (128J tots ol TOO tonne*.

SUGAR

LONDON DAILY PRICE— flaw sugar
£174.00 (£167 00) s lonna cil Jan-Fob-
. March shipment. While sugar daily
price £180.00 (£178.00).

The announcement by Ihe USSR that
sugar beetroots harvested in 1981 tell
to' 60 6m tonnes compared wilh 79.6m.
in 1990 tilled opening prices by about
£2, repons C. Caurmkow. Short-
covering continued at higher levels
but found only scattered ottering a
scale-up which caused further gains.

No. 4 Yesterday Previous j Business
Con- close 1 close ; dona

tract * J

COFFEE"

:Yesterday*s "
C(o*« + or

Stietnoae

Dane

Feb..>_..
Mar. ..._

Apl-Jne.

Jly-Sept
Oct Das
Jan Mar
Apl-Jne.
Jly-5opt
Oct-Dec

50.e0-si.0fl:

62JW-52.70

Bfl.8B-M.lfl

W.90-57.W

BO.Jfl-EflJO

6fi.30-63.5Q'

66.50- 8fi.fifl
66.40-69.50

72.50- 7S.40

51.20-51.50 3 1.30-91. »
ba.lB-66.56 — ,

MJB-54.30 54.7O-53.S0
57.70 56.H0 B7.9fl-5G.90
fifl.5O-60.6D 6I.DQ-E0.10
65.7B-63.flfl 64JW-63J0
66.60-66.70 —

G9.60-QB.7fl 69.50
72.7B-72.8fl 72.90-72.40

Jan „ — _...
March..,^...
May— —

July

S«pL„....._

NOV

January....

■£ par tonne

2 245-47 12.0

11S7-58
1127-28
1113-14
1105-08
109502
1090 95

+ 10.0
: + 9.5.
+ 7.0
t 5.5
+ 2.5
+ 1.5

1145-3*

1158-49

1123-17

111504

1110-93

1101

Solas: 2.751 (3.400) loia of S tonnes.
ICO mdicaWir price* for January 22.
(U.S. cenfs .per pound): Comp daily
1979 123.41 nZSZtl; 15-day average
123.89 (123.93).

Seles; 235 (510) lors of 15 lonnM.
2 (18j lot* of 5 tonnes.

Physical closing prices (buyers)
were spot SO.QDp (same): March
51.5Cp (same};. April 52. Wp-

WOOL FUTURES

BRADFORD—With business only lair
the easing in sterling against the
dollar has been the mein factor
strengthening to market. Top" making
order* are laid? good, and - activity
is also good, but traders are finding

£ per tanno

March.; 179.50-79.4S 177.60-77.70T6D.50-75.2S

May <160.30 80.90 179.55- 79.60 188.95-/7.75

Aug--. 183.95 -8-1 jufl 162.40 62.50 loS.QQ BH./5

Oct. '167^5-67.50 165.50 *5.60 U7.7s Be Jd

Jail 1B8.4D-&9.B0 135.40 d J . M

Marc.i. 193JD-S5.75 191.25-91.40 195^0-90.50
May... M 194.50-9U.00 192.60 95 JU

Safes; 4.524 (5.G24) lots of 50

tonnes.

Tate end Lyle delivery price for
granulated basis white sugar was
£374.00 (same) a tonne fob lor horns
trade and £285.00 (C277.00) (or export.

International Sugar Agreement (U.S.
cents par pound) fob and stowed
Caribbean pons. Prices for Jan 22:
Daily price 13.13 (12.72): 10-day

average 12.71 (same).

COTTON

LIVERPOOL — Spot and shipments
safes amounted to 41 lonnee. Rela-
tively lew transactions were recorded,
and the offtake was light. Mixed deal-
ings took place in venous Ameucan
type growths, with African and Rus-
sian predominating.

JUTE

JUTE— C and f Dundee BWC £389.
BWD £239, BTB £333, BTC £291. BTD
£247: Antwerp c and f BWC £295. BWD
£245. BTB £339, BTC £297. BTD £253:
Dundee Feb 40- in 10 oz £10.24 40 in
7S ox £7.99; B Twifle £29.80.

TEA AUCTION

LONDON TEA AUCTION — 2(5,477
package* were on offer »l ye sierday'fl
auction. Demand continued vary
strong. As same and Alricans again
met wnh keen competition end prices
were generally 2-4p dearer, with rhe
emphasis on brighter types. Better
liquoring Ceylons advanced by 2-4p,
whfl# plainer descriptions warn fully
firm to dearer. Quotations; Quality

Hatfn'mtr’y oz*SM -8960

Frmemht. C193.1Q £805.50

Quicks 1 1 vert ... 9395:405 S4]2>4iB

SHvar troy oz... 4-17.0D>> -6.IS41B.35p

dmUl*. ■431,50;* — 5jtb4d4.a5p

Tin Cush £8670 17.5 *8552.5

5 mth* .£8022.3 —12.5 £aU77.5

TungstenU.Blb $125.60 i 0134,48

Wolfrm tf.lHIb* 41!B>132 +1 SI “on 25

XlnoCash, £443.25 +6.79 4470.5

4 mths 1*449.70 +9 £478.75

Produoera ...i*H7b/fl50; !»9ZU*0

OH* *

Coconut fPhil). 455Dw ,6645

Groundnut 67i5y +10; ;

Linseed Crude ; ! I

Palm MjUayan. B507.6x | ;B48£,B

Seed* '

tiopra Philip.... B350 ; $349

5oyBt>eaniU3.)f2b7.75z |— 0^6 >452.3

Grains 1

Barley FutMay £11 1.70 £107.85

Maize 111134.50 i '1:132.5

Wheat Fut. May l* 115.80 -o.ifl£Uk!.bO
No* HaroWlnt|£ll/.7hw , + 0.2a; }

Other | i

corn modi tins , >

Coooaahip't* JE12S3 —18 81.19B
Future Mey '*1180.5 i-16 ±1144.3
Correa Ft 1 Mar* 1 157.5 :+10 £1134.5
Cotton A.lna*x,70,10<.- .— 0.5 jb7.45o

Gas Oil Feb. ... 0296.5 !— 2.25 *328.5

Rubber fkflof!..:60p i ,49p

Sugar (Raw)..„;174yx i+7 ;*J76

Woolt'pe*4* kl.|379/> Uld]+4 ISBBpkllO

(Unquoted, w Feb- March, x March,
z Fab. yJsn-Feb, t Par 7G-lb flask.
* Ghana cocos, n Nominal. § Sellar.

124p a kg (12Dp a kg), medium 1l4p
a Lg [H2p a kg), plain no quotation
(no quotation).

NEW YORK, January 25.

PRECIOUS METALS fluctuated with,
financial in&liumanis which continued
to indicate an imminent rise in imereti
rale, putting more pressure on goJd
ant) tallying silver on tha rlose. Heating
oil nricaa rallied on foreruns nf rri d
wealhflt, on lechnicsl ginnndg and in
amiripstian or President Raigsn
imposing 3 tax on crude oil. Cr.pper
pfiras ware fiartionslly lower on
lenari* of funher r.iithscfs in mine
production which prevented maict
aiocinn. The livestock rntnplex cold
off rrross Ihe board as traders anliri-
peteti a waal-ening in product puces
once tha waaiher thnwa iniprovemom.

Grams, cotton and scyabeans eroded
lunher on negative intera-.t rste oui-
f.iok, renonad Heine Id.

Copper— -Jan 70.35 |70 55), Feb 70 45
(70 65). March 71 40-71.50, May 73.40-
73 45, July 75 25, Sept 77.25, Dec
80 10, Jan 80 80, March 82 70, May
84 55, July 8Q40, Sept 89-25.

•Cold— Jan 275 2 (378.0), Fab 375 0-
376.0 (379. 5), Match 379.1, Apr,) 382.2-
323.5. June 292.0-392.5. Aug 401 0,

Oct 410.4. Dec 421.5, Feb 430.1, April
440.4. June 450.7, Aug 461.0, Oct
471.3.

Potatoes (round whiles)— Feb B1 0
(79.0). March 82.7 (22 31, An/il 67.2-
87 R, Nnv 73 (1-73 7. '“mien: 441.

ffSHver— Jan 785.2 (7E3.7), Feb 787.0
(736.0, March 791.5-796.0, Mny 812 0,

July 824.2, Sept 854.2, Dec 884.2, Jan
B94.2. March 914.2. May 924.2. July
954.2. Sept 974.2. Handy and Harman
bullion spot: 780.50 (789.00).

Suqar-.No. 11“ March 13.CC- 12.68
(12.591, May 13..71-13 72 (13.68). July
13.90-13.91. Sept 14.13, Oct 14 20. Jan

EUROPEAN MARKETS

14.00 14.E0, March 14.85-14 B7, May
14.92-15 00. Sales: 6.325.

Tin— 710.00-740.00 ( 710 00-742,00).

CHICAGO. January 25
Live Cal He— Fab 61.90-62 00 (62 00).
April 60.07-60.00 (60.72). June 59 60-
50.40. Aug 5B.3S.aB.20. Oct 56.80. Dec
.58 on.

Live Hngs — Feb 43.20-59 00 (59 571.
April 4RU0 50 50 (57.10). June 49.35-
4S.50, July 50 12-50.30. Aug «9.45-49.8D,
Or i 47 50, Dec 48.45. Feb 43 30.

tIMaUe— Mjrch 270»«-271 (272'j),

M;y 2&‘4 4 -280i ! (282' 4 ), July 286-285*1.
Sept 3Sa-2SS>4. Dec 291» 4 -292. March
iMV-3W>..

Pork Bellies— Feb C7.T5-E7.05 (68.10).
M.'.ich 67 SO 07 .65 (68.45). May 69 CO-
69.70 fill/ CO 7r.69.60. Aun 68.90-69.00.

tSuyaheans— March C4<i 639 1 , (643^«|.
M-^y C52‘j [05r.’,v, July 666-665' Aug
C9. Sent CTP-CCV,. Nov 676-875>j. Jan
6to. M^rch 7041,

<1 Soyabean Meal— March 188.5-1B8.2
(150 C). May 100.3-190.5 (192.9), July
193.5-133.3, Aug 194.3. Sept 195.0.
195 5, Oct 19C D-J9C 5, Der 1S8.0-198.5.
Jan 199.5-199 0.

Soyabean Oil— March 19.76-19.80
119 59). May 20.41-20 40 (20 26). July
?1.r 1.70.99, Atrq 21 20-21.25, Ssnt
21.25-21 40. On 21.54-21.55. Dec 21.95.
J.-n r; to. 3? 00. March 22 00-22. C5.

t Wheat— March 373V273 (37SM. May
285-2841, f389i,t. Jnlv 391 -391 V Sept
■507>,-402. Pec 419-418V March 433.

AM cents par pound cx-wanghonse
unless otherwise stated. “S per troy
ounce. 9 Cents per troy ounce.
• t Cents per 56-lb bushel. ) Cents
per 60-lh bushel. || S per short ton
f 2.000 lh). § SCan. per metric ton.
M C per 1.000 sq It. t Cents per
tiwen. It S per metric ton.

POTATOES

ROTTERDAM, Jantiery 25

Wheat — (U.S. S per tonne): U.S.
Two Dark Hard Winter. 13.5 per cent
mid -Jan/mid-Feb 200. U.S. No Two
Red Winter mid-Jan-miri-Feb 167. Feb
167. March 170. U.S. Nj. Three
Amber Durum Feb 208. Apr.l/May 192,
May, June and July 193. Aug 1SG,
Sept 197. Oct and Nov 199. U.S.
No. Two Northern Spring 14 per cent
Feb 20C. March 207, April -May 186,
June 188. July T87, Aug 189, Sept
183. Canadian Western Red Spring
Jan 220, Ap.d/May 215.

Maize — (U S. S per tonne): U.S. No.
Three Corn Yellow spot 138. afloat 134.
Jan 131. Feb 129, March 128.50. April'
June 130, July/Sept 133, Oct/Dec 134
sellera.

Soyabeans— (U.S. S per tonne): U.S
Two Yellow Gullpoiis Jan 2G0. Feb
2C1.CS. Match 262. April 262 50, May

3G4.50. June 266, July 268. Aug 28fl 50.
Sept 269. Oct/ Nov 2B8.50. Dec 272.50
. sellers.

Soyameai — (LI S. S per tonne): 44
per cant protein U.S afloat 249-250.
250.50. traded afloat BO-251. Jan 2«B.
Feb 244, March 242. April 238.50. April/
Sept 237. Nov/March 247. sellers.
Bread Pellet a Jan 259, Feb 2S8, March
254. GO, April/Sept 246 seHers.

PARIS, January 2S.
Cocoa— (FFr per 100 kg): March
1294-1295, Mav 1295-1298. July 13G3-
ITS. Sept 1323-1340, Dec 1345-1346,
March 1250-1360. May 1355-1365. Sales
at rail: 13.

Sugar— (FFr per tonne): March 2020-
2021. May 2066-2069. July 2075-2090.
Aim 2105-21207 Oct 2123-2140. (frw
.‘•173-2140. -Dec 3140-2160, March 2780-
2200. Sales ar call: 27.

LONDON POTATO FUTURES— The
market waa eaaier on profit taking but
buying interest developed at llte lower
levels, reports Colay and Harper.
Closing prices: Fab 103.50, +0.50
(high 103.00, Jdw 103.00); April 130.30,
— 1.70 (high 134 00, low 129.30); Nov
B9.90. +0 50 (high 69 90. low B9.50).
Turnover; 709 (974) lots ol 40 tonnes,

MEAT/Vt'GETABLES

SMITHFlELD: No mast prices ware
quoted yesterday owing to insufficient
supplies caused by an industrial
dispute.

MEAT COMMISSION— Aveiaqe fat.
stock prices at representative markets.
GB— Cattle 10l.74p pBr kg tw (-1.79):
UK— Sheep 195.61p P*r kg sst dew
(+0.46); GB— Pigs 7e.D0p par kg Iw
(-2.09),

COVENT GARDEN— Prices for the
bulk ol produce in sterling per
package except where otherwise staled.
Imported Produce: Oranges — Spania:
Navels/ N.welinss 42/120 4.50-5 CO;

Cyprus: Navels 3.00-3.50: Jails: Navel*
60/105 4.00-4.25, Shsmbiiii COM 44 4.90-
5.60; Moroccan; Naval* 56/113 S.GO-
4 40. Brevities — Spartin: 7.50. Ciemen-
tinac— Spania: 4.50-5. OQ; Moreccsn: 1/0
3.BQ-5.00. Sammies— Spania. 3.80-4.0Q.
Lemon*— Cyprus:?. 20- 5.50: Greek; 5.00-
0.00; Turkish; 4.00-5.00: Spanls: 40/50

3.40- 2.50; Italian: 80/120 5.50. Grape-

fruil-MJ.S.: Pink 32/48 5.50-7.P0;

Cyprus: Large cartons 3 00-4.00, small
Cartons 2.30-3.40; Jaffa: 36/88 3.50-4 90.
Ugli Fruit— Jamaican: 14/27 7.00-9.50.
Apples— French; New crop. Golden
Delicious 20 fb 3.00-3.60. 40 lb 5.p0-
7.60. Stsrkcrimson 40 lb 6.50-7.50, 20 lb

3.40- 3.80. Granny Smith 7 50-8.50;
Canadian: Red Delicious 9.00-10.00:

INDICES

DOW JONES

FINANCIAL TIMES

P ow 1 l» n ' 1 Jan - 1 Month: Year
jfones* 22 J 21 ! ago ' ago

Jan. 22' Jan. 21 !Month ago'Year ago

S48.S9 250 £0. - [ 258.08

(Basa: July 1. 1952-100).

Spot- 127.07 |l26.86 - -

FUtr J s-132;8B 133.31 - -

(Basa: December 31.' 1974-100)

MOODY'S

REUTERS

Jan. 52 Jan. 2 1 Month* agoiVear~ ago

Jan- 28 Jan.22JM'nth ago Year ago

1007.3 1006.9 975.6 l 1188 J,

162B.3 1621.1; - 1679.2

(Ovcsmbar 31. 1931-100)

(Base: September 18. 1931—100)

U.S.: Red Delicious 8.00-13.00:

Hungarian: Sterling li.5O-7.0D. Paaia—
Dutch: Cornice 14 1b. per pound o.2£-
0.26; Italian: Per pound Pas sac rj*,- jna
0.15. Pastilles — S. African: 2.70-3.50.
Nectarines — Chilian:' 6.00, Plums—
S. Alrican: Santa Rosa, per pound 0.25-
0.50; Chltun: Gama Rasa 0.50.
Aprieota— S. African: 11 lb, per pound
0 30-0.56. Grap*»— Spanish: Almet.a
” '*? L “.00-3.40, Negra 4 00-4.60-

English Produce: Putatons— Poi 55 lb.
white 2 00-3.00, red 2.80-3.G0, Krnn
Edwards 2.00-4.00, Mushrooms— p ef
pound, open 0.20-0.40. closed 0-55-0.70.
Apples— I Per pound, Bmmley 0.18-0 26.
Goa's 0.20-0,22. speium's 0.20-0.25.

Pears— Per pound. Conference 0.14-
0.20. Camiee 018-0.25. Cabbages—
« A 30'lb bag, Celtic/Jan King 1.50-
3-00,. Lettuee— Per 12. round 1.00-1 .90.
Onions— Par 55 lb 40/80mm 2.00-3.00.

Carrots— Per 26-28 lh 1.50 2.00 Beet-
roots— Per 28 lb. round 1.20-1.50. long
150-2.00. Swedes — Per net 7.40-1.50
Sprouts— Per 2Cr lb 1 tJO-2 60. Spruig
□ream — Per 35-40 !b Cornish 7 00-8 00.
Kent 30 lb 3.00-3 50. Rhubarb — Per
M fb. per pound 0.28. Leeks — Per
lO lb 1.50-1.80. Parsnips— Pei 26-28 lb
2 00-3 00. Turnips— Pflr 26-28 lb 2.00-
3.00.

GRIMSBY FISH — Supply good.
demand fair.. Prices et ship'* aide
(unprocessed) ..pef stone: Shelf cod
C3.50-r4.00, codlings t2.60-C3.00; large
haddock -C4.30-E4.89, medium £2.70-
£3 60, small £170- £2. 20: best smaff
pla.ee C2.2D-C2.S0: large skinned dag.
fish nO-OO-Cll.CO. medium C5.00-C9.50:
catfrinh EV.BO-C2.0O: large lemon soles
£15.00, medium £13.00.

Companies and Markets

LONDON STOCK EXCHANGE

Financial Times Tuesday January 26 ,1982

RECENT ISSUES

Interest rate optimism shaken by U.S. developments
Gilts and equities react sharply but end above worst

Account Dealing Dates
Option

‘First Declare- Last Account
Dealings turns Dealings Day
Jan II Jan 21 Jan 22 Feb 1
Jan 25 Feb II Feb 12 Feb 22
Feb 15 Feb 25 Feb2G Mar 8
• " New time " dealings may taka
place from 9.30 am two business days
earlier.

Weekend events in (be U.S.
shook recent optimism about
European interest rate trends
and London stock markets
weakened sharply yesterday
after last week’s upsurge.
Friday’s late news of a surprise
Further rise in U.S. money
growth, expected to exert fresh
upward pressures on rates i there,
reversed the recent decline in
money market rates here and
also caused a setback in sterling
and other Continental currencies.

Government securities came
under pressure from many
sources. Domestic and overseas
operators hastened to realise
profits gained through last
week’s strength but more siqni-
ficantly, American sources were
said to be selling, sometimes in
sizeable amounts. Attempted
recovery movements faded
quickly and the tone was looking
thoroughly depressed towards
the close with the good UK
December trade returns, an-
nounced at 3.30 pm, having no
apparent influence.

A surprisingly resilient U.S.
bond market early yesterday,
however, encouraged some
return of confidence during
London's after-hours' trade and
longer-dated Gilts eventually

moved off &e day's lowest After
showing losses ranging to I|
from Friday’s enhanced late
levels, the longs were finally no
more than a point down. The
shorts, on the other band, were
less resistant and closed at the
day’s lowest with falls extending
to 11- Exchequer 12{ per cent
1985 weakened that much to 90.
and the FT Government Securi-
ties index, at 63.52, gave up 0.63
of last week's advance of 1.7S.

The start of a new, three-
week, trading Account for
equities was inevitably nervous
as interest dried up pending
Wall Street’s reaction to the
weekend developments. Light
selling found markets extremely
unreceptive and values fell con-
tinuously until the late afternoon
when New York began easier,
but not as weakly as some had
expected. Leading shares then
began to edge away from the
worst and the FT Industrial
Ordinary share index closed 9.5
down at 557.7 after having been
11.4 off at 2.00 pm.

Alexanders good

An otherwise subdued session
was enlivened by the shares and
cash bid for Huntley and Palmer
from Rowntree * mackintosh;
Allied Lyons, the group which
has recently built up a stake of
slightly less than 5 per ceot in
H and P through market pur-
chases, was the rumoured
favourite to make the move.
Rank Organisation rose sharply
after-hours in response to the
preliminary statement and the

FINANCIAL TIMES STOCK INDICES

Jan. Jan. I
25 : 22

- A

Jan. i year
18 ago

Government Secs

Fixed Interest.

Industrial Ord

Gold Mines !

Ord. Div. Yield

Earnings, Yld.%(fullr'

PIE Ratio tnett CL

Total bargains

Equity turnover
Equity bargain**—../

63.52 64.15
64.07' 64.23

567.7 567.2
272.3' 27B.0

5.46 6.30

9.70! 9.56

13.10 13.30
21,749 23,611

- 235.05

- 1 21,928

63.93;
64.03
559.1 1
266.2 'j
5.44 1
9.67;
13.16!
20.154
182.37]
16,777'

absence of the much-rumoured
rights issue.

Deals arranged in Traded
options amounted to 2,571—2,077
calls and 494 puts. Over half of
the call business was transacted
in Imperial, which attracted
1.173 trades of which 73S were
struck in the February 60’s.
Racal and GEC recorded 165 and
124 calls respectively.

Reflecting the bertter-than-
expected preliminary figures.
Alexanders Discount rose IS to
253p, after 255p. Others in the
sector firmed in sympathy and
Union, annual figures due to-
morrow, advanced 20 to 420p.
Gillett Bros, added 8 at 185p and
Cater Alien 5 to 295p. The major
clearing hanks, which had
responded favourably to Friday's
base lending rate reductions
with double-figure gains, reacted
yesterday on profit-taking and
lack of fresh support. Nat West
fell 13 to 402p and Barclays 12
to 450p. Midland gave up 10 to
350p and Lloyds 5 to 445 p. Else-
where, Grlndliys lost 6 to 196p
following cautious comment,
while Royal Bank of Scotland
declined 4 to 126p.

Pittard jump

Basra *00 Govt. Secs. IS/0/26. Fixed tnt. *928. Industrial Ord.
1/7/35. Gold Mina9 12/9/56. SE Activity 1974.

10 am 561.9. 11 am 560.2. Noon 557.5. 1 pm 556.7.

2 pm 555.8 . 3 pm 556.7.

Latest Index 01-246 8026.

•Nil “11. 74.

HIGHS AND LOWS S.E. ACTIVITY

Since Compilatin

High j Low j High Low

j 1 ’ -Daily

Govt. sec. J JSft anm ] Smt Ss™";:

Fixed lnt~ .. 72.01 ! 61.61 ‘ 150.4 1 50,53 i Bargains...

225,3 225,4

(20/S/I) ly (26(10/8 1) (2BU 1/47) (5/1(76)

50,55 i Bargains...

Ind. Ord 1 597,3 j ««'WU. 4?A tjSfi&S*

t-ro-w 99 1. a . f».-r Riit.Fftowd

(50(4/8 1) (14/1/00 (81/4(111 (20(6/40)

429.0 262.6 558.9 43.5 Equities. ...II

243.6 235.8

. fcot.v «io.i hiuiiihi

<14/9(8 l)j (2B|B(B1):(S2(9/B0) (26/ID(7Tv Bargains .. 108.9

i i 1 Value. 531.0

Leading Buildings turned
easier. Blue Circle. 52Sp. and
Tarmac, 414p, shedding 8 apiece.
Secondary issues displayed a
mixed appearance. Streeters of
Godalmine improved a penny to
25p and Marshalls (Halifax) put
on 4 to 90p. but recently-flrm
Wiggins Group softened 3 to S4p.
Tilbury Contracting attracted
support and rose 8 to a 1981-S2
peak of 313p. while demand in a
thin market lifted Arndiffe 2 to
39p.

Business in leading Chemicals
contracted and ICI slipped to
326p before cosine a net 6 down
at 330p. Elsewhere, troda
International added 2 to 76p and
the Deferred a penny to 5lp
following the company’s latest
defence statement rejecting the
b'd from Burmah Oil, a penny
off at 109p.

Leading Stores traded quietly
and generally without distinc-
tion. British Home, 135p. and
W. EL Smith. 173p. gave up 3
apiece, but Gussies “A” con-

WORLD VALUE OF THE POUND

The tablB below gives the latest except where they are shown to be no direct quotation available; (F) free
available rata of exchange for the otherwise. In aome cases market rates rata; (P) based on U.S. dollar panties

(Bk) bankers’ rates; (cm) commercial
rate; (ch) convertible rate; (fn) finan-

pound against various currencies oo have been calculated from those of and going starling /dollar rates: <S) clal rates; (exC) exchsnga certificate

January 25 1982. In aome Casas foreign currencies to which they ere member of the sterling area other than rata: (k) Scheduled Territory: (ne)

— ■ Scheduled Territories; (T) tourist rata: non-commercial rate; (non) nominal:

rates are nominal. Market rates are the tied.

average of buying and eeHing rams Abbreviations: (A) approximate rate. (Baa) basic rate; (bg) buying rate: (o) official rate; fsg) selling rate.

PLACE AND LOCAL UNIT

VALUE OF
£ STERLING

PLACE AND LOCAL UNIT

VALUE OF
£ STERLING

PUV5E AND LOCAL UNIT

VALUE OF
£ STERLING

Afghanistan. .

Albania. —

Algeria ....

Andorra-

Angola.—

Antigua (S) ...
Argentina

Australia (».

Austria

Azores.

..Afghani
. LsK
. Dinar

( Frenoh Franc
” ’Spanish Peseta
.. Kwanza
. E. Caribbean *
.Ar. Peso
,. Australian 9
.. Schilling
..Portugu seEeoudo

99.0
9.95
7.7680
11.015
184.50
((CM) 68,936
iCT) 65.139
6.01

Greenland

Granada (SI

Guadeloupe

Guam

Guatemala

Guinea Republic
Guinea Bissau. ...
Guyana (8).

Danish Kroner

E. Caribbean 9

Local Franc

U.S. S

Quetzal

Syli

Peso

Guyanese 9

14.105

5.01

11.015

1.8545

1.8645

39.75

70.85

5.5725

Peru Sol lexe (At 956,52

Philippines — Philippine Peso | 15.10

Pitcairn islands (S> iN^Tzeatand 6 I 3.3M5

Bnlxnri T1„hj ! I (^¥11)151,61

Poland Zloty | { (Til 51.61

Portugal — Portugu' »e Escudo 124.876

Puerto Iti’oo.. U.S. * < 2.8545

Qatar (5) Qatar Ryal 6.75

Reunion lie dm la... Frenoh Frano | 11.015

pn mini, I mi ! ,f Cm)8.13

““ l in/e) 20.01

Rwanda Rwanda Frans | 177.68

18,596.0(3)

1.6610

50.425

124.873

Haiti

Honduras Repub.
Hong Kong (s) —

Hungary

Gourd
Lempira
. H.K. 3

9.2725

3.72

10.8565

64.9494;;

Bahamas (SI —

Bahrain (3)

Balearic Isles-
Bangladesh (S)
Barbados (SV-..

Bo. Dollar

..... Dinar

Spa. Peseta

Taka

Babodoe 6

Belgium

Belize

Benin. — .

Bermuda (S).-..

ahutan

Bolivia — — .

Botswana (S) —

Brazil

Brit. Virgin (slei

Brunei (3)—.

Bulgaria

Burma....

Burundi—.

B, Franc

..... B 8

CJFJL Franc

Bda 9

Indian Rupae

Bolivian Peso

Pula

Cruzeiro H

■ (5) UJB. S

Brunei 5

Lev

Kyat

..... Burundi Franc

I 1.8545
0.699
I 184.60
! 38.30

I 3.7000

/(cm) 73.65

»(fn) 88.95
3.7090
550.76
1.8549
17.01
46.90
1.6686
244.65
1.8645
3JB325
1.7725
11.95
172.430

Iceland (S>

India (Si- —

Indonesia

Iran.—

Iraq

Irish Republic 00.

Israel

Italy- -

Ivory Coast

1. Krona
Ind. Rupee
Rupiah
Rial

Iraq Dinar
Irish £
Shekel
Lira

C.FJL Franc

17,545

17.01

1,168.65

149.50(sg)

0.3612

1J2332S

30.75
2,521.0

550.75

Jamaica (S)

Japan

Jordan (S) ...

. Jamaica Dollar i

. Yen

. Jordai Dinar

CamereonRepublc

Canada— .....

Canary Islands....-
Cape Verde 1*/*...
Cayman Islands (S)
Cent Af. Repub. _.

Chad ...

Chile

China..

Colombia

Comoro Islands. —
Conga (BrszavIHe)

Costa Kos

Cubs

Cyprus (S)

G.F.A. Frano
Canadian 9
Spanish Peseta
Cape V. Escudo
Cay. Is. 9
C.FJL Franc
OF JL Franc
C. Peso

Renminbi Yuan
C. Peso
C.FJL Franc
C.FJL Franc
Colon

Cuban Peso
Cyprus £

Czsehoslovakie — Koruna

Denmark...———. Danish Krone

Djibouti - Fr.

Dominica IS) E. Caribbean 9

Dominican Repub. Dominican Peso

| 550.76

| 2.2215

184.50
I 67,75
1.5454
: 550.78

■ 550.76

1 (8k)72^4
I 3.3546
| (F) 109.57
i 560.75
| 930.75

i 37.15
\ 1.4860

. 0.827

I /loom) 11.00

Hn/e 18.16
ivmiWM
| ‘ 14.185
300
6.01

, 1.8545

Kampuchea —

Kenya (S)—

Kiribati _..

Korea (Nth)

Korea (Sth)

Kuwait -

. Riel 1

. Kenya Shilling i

Australian S.

■ Won !

.Won

. Kuweit Dinar

2.225.4

19.27

1.681Q

1.80(11)

1,321.60

0.527

St Christopher ($). E. Caribbean f.

St Helena St. Helena £

S. Lucia. E, Caribbean 9

St Pierre Local Franc..—

S. Vincent (8) E. Caribbean 9

Salvador E] Colon

Samoa American— U.S. S I

San Marino - Italian Lira !

Soo Tame Jb Prfn— Dobra

Saudi Arabia. Ryal ,

Senegal C.FJL Frano

Seychelles. S, Rupee

Sierra Leone fS) — Leone

Singapore (5>.- Singapore S

Solomon Islands(S) Solomon la S ]

Somali Republic— Somali Shilling fl> j

Somali Republic— Somali Shilling (2) i

South Africa (5)— Rand
South West African
Territories (3)..... S. A. Rand
Spain Peseta 1

5.01

1.0

5.01
11.015

6.01
4.64
1.8645
2,321 J)

72.90

6.34

550.75

11.64<m)

2.9482

3 .8325

1.6705
M)1 1.78
23.10
1.8080

Laos. — New Kip

Lebanon - — Lebanese £

Lesotho — Loti

Liberia — Liberian S

Libya..—.— - Libyan Dinar

Liechtenstein- Swiss Frano

Luxembourg .... Lux Franc

l 18.545
8.7060
1.8080
1.8545
0.6490
! 3.465

73.65

Ecuador— Sucre

Egypt— Egyptian £

Equatorial Guinea. Ekuele
Ethiopia. - Ethiopian Ilrr

Falkland UlondafS) Falkland Is. £

I {(0)46.32
1(F) 55.53

J

369.00
I (P) 3.8050

Faroe islands.— Danish Krone

FIJI Islands- Fiji 9

Finland Markka

Franca French Franc

FrenohC'tyln Af*... C.F.A. Franc

Freneh Guiana Local Franc

French Pacific Is— C.F.P. Frano

1.0

14.185

I. 652S
&274fi

II. 0 IS
550.75
11.013
190 («g)

Gabon — ... C.FJL Franc

Gambia (S) - Dalasi

Germany (East)..— Ostmaric
Germany (West)—. Deutsche Mark

Ghana ($) c«ri

Gibraltar (K) Gibraltar £

Greece - Drachma

550.75

4.0

4.335

4.336
. 6.17

Z.0

111.218

Macao - Pataca

Madeira. Portug'ta Eeeudo

Malagasy Republic MG Franc

Malawi (S) Kwacha

Malaysia IS) — Ringgit

Maldives Islands (S Mol Rupee

Mall Republic. Mali Franc

Malta (S) Maltese £

Martinique. Local Franc

Mauritania. Ouguiya >

Mauritius (5) M. Rupae

Mexico Mexlean Peso

Miqueien......— (XF.A. Franc

Monaco..- French Franc

Mongolia. Tugrik

Montserrat El Caribbean $

Morocco - Dirham

Mozambique Metloal

Nauru Australian Dollar

Napal - — .... Nepalese Rupee

Netherlands— Guilder

Netheriand Antilles Antillian Guilder
New Zealand IS)... N. Z. Dollar

Nicaragua. Cordoba

Niger Republic— . C. F- A. Franc

Nigeria (S). Naira

Norway Norway Krone

Oman Sul’ate oRS) Rial Omani

11.25
124.876
650.76
; 1.7285

4.1925
7.2900

I, 101.5
i 0.738
, 11.015

. 90.60
, 19.525

49.2*7

350.75

II. 015

! (o)6.01(l|)
5.03
B-92(sg)
j 55.25
I 1.6810
1 24.50

! 4.745

; 3.3195

1 2.3085

• 16.55

550.75

; 1.209878 (sg)
i 11.03

] 0.641

Spanish ports In

North Africa Peseta

Sri Lanka (5).... S. L. Rupee

Sudan Republic—.. Sudan £ iu)

Surinam S. Guilder

Swaziland (S) Lilangeni

Sweden S. Krona

Switzerland .... Swiss Franc

Syria. Syria £

184.50

37.76

1.67

3,3195

1.B080

10.55

3.465

(A110.0

Taiwan New Taiwan 9

Tanzania (5L Ten. Shilling

Thailand. Baht

Togo Republic C.F.A. Franc

Tonga Islands (SI Ha’anga

Trinidad (S) - Trinidad & Tob. fl

Tunisia Tunisian Dinar

Turkey. — Turkish Lira

Turks at Caicos-... U3. S
Tuvalu Australian S

66.75

15.42

42.38

550.76

1.6180

4.4508

0.944lsg)

269.50

1.8846

1.6810

Uganda <S) Uganda Shilling

United States UA Dollar

Uruguay — Uruguay Paso

Utd.Arab Emirates U.A.E. Dirham

U.S.S-R. .... Rouble

Upper Volta. C.FA Frane

Vanuatu l)££ Dollar

Vatieon „ - Italian Lira

Venezuela.— Bolivar

Pakistan. Pakistan Rupee

Panama Balboa

Papua N.Guinaa(S) Kina

Paraguay- Guarani

38.53

1.854&

1.2955
KOI 233.73
1(F) 304.28

Vietnam Deng

Virgin Islands US. u.s. Dollar
Western Samoa (S.) Samoan Tala

Yemen (Nth) Ryal

Yemen (Sth)- *- Yemen Dinar

Yugoslavia - New Y Dinar

Zaire Republic. Zaire

Zambia Kwacha

Zimbabwe — ... Zimbabwe t

i 360.0

1.8545

| ((cm)31.59

: I if n >21,52
6.81

i 1.3400
550.75
! 177.43

1.6810
2,321.0
7J6
JfO*.04
tcm.42ni)

1.8546
2.0860

Dairies, I4fip. Cautions Press
comment left Tate and 4
cheaper at 2l4p, after 212p. while
Halite slipped to 10Sp before
settling 2 cheaper on balance at
lOSp. Elsewhere, Argyll added
2 to 102p on the acquisition of
the Pricerite 'chain of super-
markets from BAT’S, while de-
mand in front of today’s interim
results lifted Somportex 10 to
130p.

Rank Org. pleases

tinned to attract support and
added 2 more to 485p, after 487p.
Barton held at 140 p awaiting
today's annual meeting; the
Warrants, the subject of a Press
recommendation touched 60p
before settling for a net gain of
2 at 58p. Waring and Gillow
remained in demand and firmed

4 more to 122p. Among Shoes,
Press comment fuelled renewed
speculative support for Pittard,
which jumped 16 to 60p.

Resisting the surrounding
malaise, secondary Electricals
provided a few firm features.
Still reflecting bid speculation,
Ferranti added 10 to 675p. while
Lee Refrigeration rose a similar
amount to 205p on revived
demand in a thin market Down
100 last week on disappointment
with the interim statement,
Louis Newmark rallied 32 to
253p xd. Cray Electronic put on

5 to lOSp. The leaders c.osed
with small falls after a quiet
trade.

Occasional offerings and lack
of fresh support took the
Engineering leaders to lower
levels. Tickers, a particularly
good market last week, gave up
5 to I68p, while GKN closed
similarly lower at 175p and
Hawker S down at 322 p. Secon-
dary issues were no worse than
mixed. Cbemring firmed 7 more
to 295 p in a thin market, while
Hnnslet (Holdings), also a diffi-
cult market advanced 20 to 3S0p.
W. G. Allen, still reflecting the
half-year loss, eased 4 more to
42p. Firm spots included Ash
and Lacy, 8 to the good at 265p.
and Midland Industries, 5
dearer at 63p. Meggitt Holdings,
in contrast, eased 11 to ISip on
the animal loss and passing of
the dividend.

Hnniley and Palmer, up 16 late
on Friday nn speculative demand,
touched U4p before closing a
net 3 up at lllp following the
bid from Rowntree Mackintosh,
12 down at 154p. AIlicd-Lyons,
widely tipped as a counter bidder
for H. and P., shed 3 to 6flp.
Elsewhere in the Food sector,
revived speculative interest
lifted Ranks Hovis McDongall 3i
to 60p. but nervous selling in
front of tomorrow’s interim
result^ dipped 6 from Associated

Standing a couple of pence
harder in front of the pre-
liminary statement. Rank
Organisation jumped to 196p be-
fore dosing a net 16 up at 190p
on the better-than-expected
annual profits and relief in the
absence of the rou(± -rumoured
rights issue: A. Kershaw, a sub-
sidiary of Rank, rose 13 to 273p
in sympathy. Other miscel-
laneous industrial leaders fell
quite sharply following an early
mark-dawn and ensuing bear
dosing. Additionally aggravated
by adverse comment on the
future of the European glass
industry, PiQdngton eased to
275p before finishing 13 down
on the day at 280p. Recently
firm on baying ahead of the
third-quarter results, due next
Tuesday, Reed International gave
up 10 to 264p.

William Baird added 8 to 183p
in response to Press comment
and J. Blbby rose 10 to 325p
following revived speculative de-
mand. On further consideration
of the 8Sp per share cash counter-
bid from Heron Corporation,
Associated Communications “A"
hardened a couple of pence more
to SOp, after Sip. Auctioneers
Sothebys and Christies Inter-
national fell 25 to 320p and 8 to
118p respectively.

Geers Gross, a firm market
early last week (following the
United Rum Merchants advertis-
ing contract, reacted on profit-
taking and fell 10 to lOSp.

Nervousness about interest
rate trends prompted a certain
amount of profit-taking in
recently firm Properties, Land
Securities easing 4 to 305p and
MEPC shedding 7 to 216p with
the new nil paid shares 6 off at
30p premium. Against the trend,
Espley-Tyag added 11 to 84p xd
following Press comment, while
demand ahead of preliminary re-
sults due on Friday lifted
Warner Estate 6 to 318p.

Oils give ground

Dullness in the Oil leaders
mainly reflected lower opening
levels in anticipation of a set-
back on Wall Street BP reacted
6 to 298p and similar losses were
recorded in Shell, 37Sp, and
Tri central, 214p. Cautious week-
end Press mention prompted
weakness in Candecca. 13 lower
at 187p, Carless Capel, 6 off at
158p, and Morinex, 4 down . at
88p. Among other exploration
issues, Berkeley -fell 15 to 345p.
NCC, on the other hand, rose 7
to 122p following news of the
proposed new merger offer to
Simplicity Pattern. The recovery
movement continued in Doable
Eagle, np 10 more at SOp, with
Warrior rising 9 to 60p.

Trusts became irregular.

NEW HIGHS AND
LOWS FOR 1981'2

The following g notations In the Share
lnlormitlon Service yesterday attained new
Highs and Lows for 19S1-82.

NEW HIGHS (47)

COMMONWEALTH LOANS (2)

AusL Sfjoc ■«t-«2 S. Rhod. 3'ioc -80-85
AMERICANS (T>

C.P.C.

BANKS (11

Win trust

BEERS (2)

Bell fAo 8‘rf*E Crr. Burtonwood
1999-01

BUILDINGS (31

CgantrrsMa TOhory Group

Higgs 4 HID

CHEMICALS (1>

Internit I . Paint

STORES (1)

Martin the Newiaaent .

ELECTRICALS (St
Cambridge Elect. Jones Stroud
Farnell Elect. Ntggon Elect.

FcnranM

ENGINEERING (51
Concentric Torrid

Firth CC. m.j WHIUms (WJ

Pegtcr-Haltcratev

FOODS (2)

Huntiev a Palmer

IS (2)

Low CWm.I

INDUSTRIALS (12>

A celled Computer Macoherson CD-I

Assoc. Comers A Marling Ind.

Baxter Traranol Pauls & Whites

Blbby (J.) Portals

Black (Pj Riley <E. Jj

Initial Services SJicntnlght

INSURANCE (11
BrcntoaH Beard

LEISURE (11

WTV Non-Vtg.

PAPERS (II

BPC

SHOES (1)

Pittard

TEXTILES (3)

AlHed Textiles Tomkinsont

M unton Bros.

TRUSTS (3)

Cambrian & Gen. Exco Internatt.

London 4 Provincial

OVERSEAS TRADERS 111
MRchell COW

MINES (1>

Prnokalcn

NEW LOWS (13)

AMERICANS 111

Guff OK

BUILDINGS (1)

Allied Residential

CHEMICALS (1)
mot lay I* K.i

INDUSTRIALS 131
Christies lotematl. Standard Ind.

Sothetoy P. B.

TEXTILES (2)

Saoddard A Sunbeam Wotav

TRUSTS 111
Precious MWb Trust

OILS (41

Lon. Am. Energy tr Energy

N-v Teaoco *Loe Conv.

Lott. Am. Energy lim.

OPTIONS

Deal- Deciara- Settle-

8^8(h)

(*>0.5535

10 J3 1908
1.GG7S
1.3416

•TTiat part e* Bw French community In Africa fonnerty French W #« Afri« er Franefc Equ«Mri«/ Africa, f flupoaa par pound, t Ganaral ratM of oil and Iron
•xsaris 77.90. ** Is 610 transfar market (controlled). W Now ana official r«e. (U) Unlfiad rate AopllcaWo on all transactions except couimios hairing a
bilatanri egreamant wrth Egypt and who are not members of IMF. (Q) Sued on gross. rem against Russian rouble. (1) Parallel exchange rets for essentia! Imports.
(2) Exports, non-sea on lial Imparts ind transfers. (3) Now oiw rota.

Jan 18 Jan 29 Apr 28 May 10
Feb 1 Feb 12 May 13 Hay 24
Feb 2 Mar S June 3 July 14

For nte indications see end of
Shore Information Service
“Demand lor Options improved
sharply and calls were done in
JCL, Exco, Neepsend, Richard-
sons Westgartfc, John Laing A,
Imps, Huntley and Palmer,
Avon, Rubber, John Brown,
RHM, R. P. Martin, Inter-City,
Town and City Properties, Tozer
Kemsley and Mill bourn, Good-
man Brothers and Stoc kman,
KCA International, W. Good-
kind, Raglan Properties, Hawley
Leisure, Viekers and Woodside.
Put 5 were taken out in Lucas,
John Laing A, Midland Bank
and Grand Metropolitan, while
doubles were arranged in B ank
of Scotland, John Foster and
Alina tt London Properties.

Capital issues to make further
headway included Triplevest, up
8 at 342p, andDualvefit, 5 higher
at 435p. Among Financial, Mer-
cantile House responded to the
interim results with a rise of
20 to 460p. .

Shippings passed a relatively
quiet session, but Common
Bros rose 8 to 270p following
news of the sale of two tankers
for £L6m. Buyers came for
Reardon Smith, the Ordinary
improving 5 to 117p and the A
8 to llOp. but speculative
interest faded in P. and O.
Deferred which eased 3 to 141p.

Textiles provided an excep-
tionally firm feature in Allied
Textile' which attracted strong
support after the preliminary
results and 10 per cent scrip
issue to close 15 higher at 173p.
T om ki me ans Carpets, the subject
of favourable Press comment
recently, added 5 more to 6Sp,
but other issues trended lower.
Courfanlds eased a couple of
pence to 81p. while J. Growther
gave up 4 to 22p.

“RIGHTS ** OFFERS

Quiet mines

Mining markets began the
week on a quiet note.. South
African Golds mirrored the
performance of the bullion price
—S3 down at $372 an ounce-—
and closed showing minor
losses. Palls owed more to an
initial mark-down than to any
significant selling. The Gold
Mines index dipped 5.7_to 272 3.

Heavyweights showed losses
ranging to a full point, as in
Bandfontriu. £25 ex-dividend,
while Western Deep gave, op j
to £15 1 and President Brand f
to £15{. The medium and lower-
priced issues were featured by
DoontfonteJn, 46 off at 782p and
W elk am, 22 easier at 499p.

Financials lost ground across
a broad front The South Afri-
cans weakened in line with
Golds. Gen cor were prominent
and retreated 25 to @25p while
Anglo American Corporation re-
linquished 8 to 622p and UC
Investments 20 to 570p. De Been
closed 4 easier at 348p.

The heavy falls in UK equities
had a depressing effect on
London Financials among which
losses of 8 were common to
Gold Fields and RTZ at 450p
and 422p respectively. .

Australians showed little
change on balance. Light buy-
ing at the outset encouraged
modest gains in a number of
stocks but these were eroded in
the afternoon trade on Wail
Street’s opening weakness.

Western Mining were finally
3 up on balance at 226p, after
230p. Peko-Wailsend edged up 4
to 322p and Settnzst “A” 2 to
52p. the last-named following
favourable weekend Press com-
ment.

'• In the oil and gas settor.
Canada Northwest advanced 3
to 14p following speculative
demand in overnight Sydney
and Melbourne markets.

Elsewhere in generally dull
Tins. Pengkalen added 5 more
to a 1981-82 high of 350p in
response to revived bid specula-
tion.

Renunciation data usually last day for dooftRQ frae'jsf stamp irfuty. 6 Figure*
based on prospectus estimate. .d Dtuidaed rat* paid qr- payable - on jaR-ol.
capital; cover baud on dividend on full capital, g Assumod divifonri and yfotd.
u Forecast dividend: cover based on previous year'* eaminga. F. Dtv&tand :ant j
.yield based ori prospectus or . other oWcial eaUntaias .for t96rU (l6ro»».
.T Figures assumed. Figures or report swaitid.'- ' t Cover eHowa fot conwmion ,
ol shares riot now ranking for dlvidand or ranking only lor raatricud dfoldsoda.
i Placing prlu. p Penes unless otherwise Indicated. 1 1ssued : by- tender. -

r Offered to holder* of ordinaiy aharas as a. "fight*." ** («*psd bjr way af \

capitalisation. §5 Ramtraducad. • tt lesuad in' connection -with reorganisation, i
merger or take-over. . {jfl Introduction.' Q issued to lonoer prefoi yn ys holders. ■
■ Allotment letters (or folly-pad). • Provisional or panty-piid allotment lettsm, ■
* With warrant*, tt Dealings under specie) .Rule.- •& Unlisted - Securities

Market, ft London baling. # Effective losue proa ; altar acripi - t Formeriy '

dealt In under Rule 163(2) (a). : * ' 1. - - ' - •

FRIDAY’S ACTIVE STOCKS r '^

Based' on bargain* racordad In SE Offtelal bst '

Stock

GEC ............

ICI

Hambro Life ...
P &-0 Detomd

Royal Bk. Sent:

Turner & Nawl..
Cable & Wils.

Friday’s

No .of closing “ *

. price price Dey'e
changes pence change
24 83* + 2

23 336 + 5 •

19 321 -14

19 i.144 +4,

19 13D + 3

/.19 : 108 .4-4
18 -237. - 1

*_ Stock v
FNFC

RHM ..... rv ,

BAT Industrie
NCC Energy. ..

RTZ . ... .,-.1..^.,

Racel Flac-.

U rugate

Friday's, -
No. of cloaing
price price 'Day's
changes peace change -
..18 .31 ~ ■

:. - 18 65*» H- ff,

e ’17. . 390 — ;

17 • -7'-,

. 17" i 430 " +5

. Vi* •• 388 - 5

. 18 711 - 2

ACTIVE STOCKS

Above average activity area’ noted in tW foUovring stocks yesterday
Closing . — r T ' Closing'

price Day'# • price Day's

Stock -pence change Stock' .. ' pence change

Allied TextIM 173 T +1S - LucerT _227 -7

Associated Drilra* 146 — '.fl, . NCC Enemy 112 +7

Barclay* Bank 450 -12/ PiAinsttin 2B0 -13

British Aerospace 2Cri - — fl Pmard • 60 -MB

Cerideccs t 13;: papk Organisation ... I90-- +16

Hundey end Pahner ...• "IU . +3 •; flown traa ,164 -12

lowntras _ — . .164

RISES AND FALLS YESTERD AY

./fttaeii Fella Sere* OHa' ..;^.- 21 . 49 40 t;

British Finds * — .. 88 - 4 Ptantettona — 7 17

Cbrpns. Dora, and NHnes '-i;-.;.:.:^..-.- -• 23!. ' .62 ' 83

Foreign Bond* ... 23 11 39 Othor* 56 34 BI

Industrials 20 337 7SS - r— y

Financial 6 Prop*. 125 . 157 230 Total* 516 745 1228 ?.*'

FT-ACTUARIES SHARE INDICES

Ttesc Iwfeo art tht jmt ctmpffafim of the Fmm cU Times, tin Institute ef Actuvtes

the Faculty af Actnrtes v .

EQUITY GROUPS

Mon Jan 25 1982

&i Thai W*fl Trer im
J® Jae. j» .jm.ni

22 a- 20 . tmtwl

& SUB-SECTIONS F ~T ^ l ^

aSm oST • h >-

ngom ta pariotheits stare nmtar of W« ftgH YMd % YWd % Ratio lain Ur Infer i M n
Docks per action Ho. Oasgt (M&J ^WCI (Mat) Re. No. m fc.

12J3

an ^

U j*” oshMsaridcof

trm the Pubibhtn, The nmcM Tint**, Sracfts*

>I-W. w- -•» ^

•;•/■! 'j ■ •. ,i «i' v- L ^;

. i

: c-'-^fendi^r^laies Tuesday:' January .26. 1982

AlltHOlwlili

31

- CHettfcnTrmt M aimm Ltd (■) (a)
33 .ta*S,EC 2 M*TP. 01 - 2832632 .

Schrader Ufc finV

UNIT

TRUSTS

AbbeytfritTst Mngn. (if
72 -00, Gatehouse -feL, Mesbuy 006 ;

:•: i's

JSP/SSS^r::^

SW*-®

FT UNIT TRUST INFORMATION SERVICE

American Find 6 ond.| 6|?3
Comm Demit Bend fcg*

Equity Bond (Act).-, 204.7
DtnYWd rd- Bond. pOO

L ft C Unit Trait Management Ltd™ S«t & Prosper Grot*

The Stock Exchange, London EC 2 AI 1 HA 5662800 4 , Groat SL Hetom, London EC 3 P 3 EP

■Choidarton Fund Manmtsrg)
iWJ McesSL, Undcier. 061-2365685
—.7 it«+or
+1.

■* 0 .:

Funds MgL Lht. (.)
9 fcO|«* 2 L«^wraAlHE.- 01-242 0282

OmrihFuni. ( 7«4 7831 4 1 M

■ int! A GraFtf”" m

: I*. Fund.

Legal & General (Unit TsL. Mngrs.) Ltd.
5 RarieK* %L. Brentwood ■' 0 Z 77217 Z 38

25 t=»

FMi

1 , 47 4

.LTO.^— .-J-.BM

7351

AMEV Life Assam* Lg-
2 - 6 , Prince ei Wales Rd LI Ante*. m QZQ2 ^

Altai Hanray A RMs;ttett TsL

46 , CorrfltfR, Lontoa EE 3 V 3 PB, - 01*231

AHRCHtTiwt m* -■ . 8*31 - 8 . 9 f 3333

Crsfemount Unit TsL Mgrs. Ltd.
Buetomhay, London FC 4 N 8 ED. 012384404
Higri Intxwg „ I

LtAOHi)

i American

„ JMourt High lnc.CL„
^ 5 fcctdy*S£

Leentae Adm frustration Ltd.

2 . SL Mary Axe. EC 3 A 8 BP. 01 - 6256114 .

i3ESK!?"=® SS:::::I8S

Lloyds Bk. Unit TsL Mngn. Ltd. <a)

01-6231288

3D 4*2 *gS&S^.

-0-a I— Una hum Ftouto

Kgwmt Ufdt TsL Mngn. Ltd. (aXg)

4 MeMde Cres, Edbtourgh 3 . 031-2263492

Cre.Aww;Fd — '

‘ IntrroalT
s-ggh-Otst...^

£ros.Ri 3 e«*es_™,.

Crat-Tefcya._ _

IS

terungfam Unit Trust MngL Ltd.

MUr Chanters, Bmsapte, Gnen 0272 76324
Toui Perf. UntLT*UZ 2.7 242 ) ,_.J tUB

S "““ir C & F fc.

2 rdSn4r. ( . ... ,
JSt/^TC'dty..^.

OmmW E*r» 4 ngs_

r QS > ''

-- «S

Discretionary Unit Fund Managers
3608 New Bread St,EC 2 MlNU 01-8384485

UK. Inc. Jan 22 12558 27281 — i 4.50

Dunbar Unit' Trust Managers Ltd.

^ PaRMaK, London, SW 15 JH. 01 - 4902122 :

> -

In*. . . ._ ...

Da (Accum.)

Extra Income

Da (Accum.) ...

income

Oa (Accum.) ......

hit. Technology
DD.(AaunT!l.

N. American & ,

:

Scrims:;:

Da (Accum.)

WoridwtdeGwth.

Da (Actual) .:

_F«Llm. Inc...,

si

“““.1777

vgtfczdi

WSbe.

SSS ^

WiSreLfc

High Yield PemJFtf. .
Money Pension Fi
Prqrerty Persion
FleJlhrtJ

&

AMEWFmdBpgta

American & Gan- Fd..

Income Fa .... — —I
I nil. Growth Fd.

Growth A Sec. Life Ass. Sue. Ltd.

4 ft London Fruit E*£h*iga El 6 EU 01-3771016

E5aSffiE-'i.F'

G.&.S Sraer
Guuribg Royal Exchange

Royal Exchange. E-CJ.'

KS&.

Fan

Gdl I

Hleb Yield Bond..
liSnAtorf Wnd— 1*5

Japan Fund Bond bij

Managed Bond

Pmoertyawd..— --
Rreoiery Fund Sond-

+Q. 7 I —

Pmeernr— ...— .-H 37 -

-

*wL-

Incorae Actum.
Cap Rd.

01-2037101

Ame Hcm l^ia)-— t

29961

1 -

A^i~'—.~ :

SUia S« «WW=qw

Barclays Life tesur. Co. Ltd.

174 .
174

Commod^H^^

l ypSmi qp Piird ™
FhancM.Secq— - r - IjB ® 1

ara^mwwi^w t*> -l«72

NewTedratogy

E. F. Winchester Fund MngL
44 , Btoomtory Square, WC 1 A 2 RA

SraSKsA ^:.d

Equity A Law Un. Tr. M. (a) (h> (e)

UoytTs Life Unit TsL MiW Ltd.

2 SL Mary Axe. EC 3 A 88 P. 01-6236114

Emlty Acorn. 12 ). ...B 73.9 28831 1 4.14

Local Authorities* Mutual Invest. TsL*-
01-5881815

m

07-5345544

MutoH

Oa Accun.

Emny lotltol

Da Accum

Fixed Ira infU*

Da Accam. ....... .

iioenatioml imtiU-
Oa Attun .......... —

Property InHIU — -.
Oo. Actum.—

_ Oeoc&niamai

_ Da Actum.-

Black Ho«* Ufe Ass. Co. Ltd.
71 .LortardSL.EC 3 . 01*231288

~i Hone Man. Fd .1

Pem. Itaagrt rtUU-

S5(S9gfe

RSSS!Wwiai

Pens. Fixed int Aea.
Pens. Inn InWat—.
Pens. lull. »«*. —
Pem.Prw.Wtrt—
Peas. Prop. Act- ......

Pens. Deow. Inltrt|
Peas. Depot- *«. --

Do.CAcaimJ

Dep malCa p

TOMirterej
Da. (Accum.)
HMMMlCi
Do. (Accum.]
PPPFundCt

}.

B X-ZK=

junerkau (

cwS KSTiiEI " — 1

fcsgr 1

i(Cap

Oo. (Accum.;

Property (Cip.)

Do. (Actum J.

Penoni. Pension —
Muffactu rcrs Ufe losi
St. George's Wav, Stmenage-

—iBfejston'Hj:" - -,

MadTPen. Act.

F. ira Pen. Cap

F. lie Pen- Act-

Money Pm Cap ... .

415 .B

.CM-'. 1

^^^S^ 1 !S. 2 5 ;Stai B StfisBta.

Prices are lor

Managed

12 .

Xkfer grkxs on reouest.

Gw Edged n 7 B.v

peposa... gO

IrT^eStTTWTtt

imenuoianai

Scottish AmtaWe Inaestments-
P.O.Bo« 25 ,Crtigfoitb,SdrHn». 0786 31*1

EwRy— P 10.4 1163 ) -It

FiMCf Interest— I

International J

Ine. Fd.—

Cash Fd . ...

Schrader Untt Trust Managers Ltd. -

48 , SL Martins Lane, WC 2 . DoUnv 0705 27733 BSTiSmeRL^

3S£ SSliitiscrr®

Anderson Unit Trust Managers Ltd.

42 . London W»,S 2 R 7 DQ 01-4381200

Anders* .• , 7*71 *L 9 ( 336

Amerslara Rd, High Uhcombr.
■KSwth.-
KGwdL
!«her Int

MAG Group (yXcXO
Three (hoys. Tower Hill. EC 3 R 6 BQ.
Amer

01-6264588 Gen

Income Fnd.—

(Actum. Units)

Anshacher .Unit Mgnt Co. Ltd.

1 ] Ncrte SL, EC 2 V 7 JA. 01 __ „ „ „

m :::::) 9 S .??W

HfSter Inc. TsL Inc. J
3 Kf xd. i ra.T«Jtrc.

01-726*®!^

(Acorn. .

fSSSSSfc-i

Compo wd GrowK—
Convert Ks^ta

Anthony Wider Unit -.TsL MgraL Ltd,

1 . 19 , MAdegste SL, London, E 17 HP. 0 L 247 B 827 . ..

■ SK^tI 118 few™

Growth & I,

.WWerlMH
Do. Accum..

Fidelity International M ta agerwent Lid.
20 ,AWwrti Lane, London EC 4 N 7 AL 2839911

_ jkan Growth.—
Coaventcxi Incame-

Dtvidend

(Atom. UrBS)

Ariwthnat Securities ltd, (aXc)

37 ; (teen SL, London, EC 4 R 1 BY; - 01-2365281

•- _ i-

Jatan Trust u)

Max. Inc. £<?. TsL

Special SIB

Janes Finlay Unit That MngL Ltd.
10 - 1 ^ West Mle Street. Glasgow. 041-2041321

ffWITiM _.( ..

(Accum Jntb)

Extra YleW

(Aeon Units)

Far Eastern

cAccum. Unhs!

Fund of Im: Tits. —
(tau^Unttt)

■ J. Finlay IntenatT

laolMls

” hhxxxne..,
.Energy. J

IftTa

(Accum. Units)

GiklTKome

(Acorn. Unis)™

High Income

CAcoxn. (MS) 1

?AawTi"itote')I —
Magnum —

m££Si Urt * s, “ -

Frand in gton Unit MgL UtL (a)

64 , LflMwWMI, EC 2 M 5 NQ. 01-4285181

(Accum Units).— J

Airer.&Gen.— 1

(Accum. Units).™.™™™

(AccuiUMts). 1

Extra Income Tp«„

Ml* _

§ iKi&mrd

273 (Accum. Urtts)- I

n^Ssac.”

i Accun. 0 n«s)™ 1

Snrtlfi- Companies .™
(Accum. Uohii.

SpedMhrt Fwds

(jSSaUriitii..

Ctwtbood Jan 19 —.-
Oseifund Ex. Jan. 1 ‘
Pension Ex. Jan. 25 ™

(Accum. IMW —

a'iSnfirjr

Snrtler Co.’S

(Accum. Units) g -7

Uta£a OSS) “IZZ 57 .?

aesacr 1 —

.umo)

fsasMigt

*Ph. &C Fd. Janl 9 .
•RecouecyJanW— .

, ‘For tax ewnpt hnb My-

WaidwtoeGmirtiFd.

ssa& w -

_■ Co's & Ren.Fd

Ira Techrwtayy F^_

Hamhro Ufe Assurance PJLX.

7 Old Pa* Lane, Loodoo, W 1 01-4990031

Rxed InLDep. .™Q &53 W

Eai(*y™._.

Piooerty -

Managed Cap

Manned Act

r PaiF.i

Owneets

G dt Edged ,

AnevtanAa-.-,

;BrtkiFihi.™.l

Canada Ufe Assoraoce Co.

2 - 4 . High SL. Pollers Bar, Herts P. Bar 51122

gsa^i.»™. , .l .m l: H -

PeaPmp.^. — J

Canada Life Assurance Co of G.

2-6 High 51 , Potters Bar, Herts. P. Bar 51122
Managed Pen Fund...

Property Pen Fimd.

Index Lnkd Pen Fund I

Pen. Man. — , —

Pen. Man. Act

Pen. Ea( 5 p__—

Pea Ei Act

Pen- § 5 . Cap.

Pen. as. Act.

Pen. D.AJF. C«l. —

Pen.0Ar.Ec. —

Managed Ink. .

Da. Acaan

Progeny

Do. Accum....— ,

Eoidty InK

Da Accum —

GM-Edgad iniL

Do ham. „ „

GuerwdeedlniL... — ,.i

Dcl Accum ™.'

i n t e r nation a l I ML

Da Accum

Index Ur. Bin Inll.

Da Accun.....

Merchant investors Assurance

Scottish Mutual Asumnee Society
109 5 L Vlrtwit SL, Glasgow 0 * 1-2086321

Flex End JanlZ—™™'

Pea Mngn. Dec 33 — i

= I \

Scottish Widows' Group
SStewTSSurt. EH 16 5 BU 031-655 6000
NV. Pty.Jxng £

NV.Ph.Jtm3— --L

_ Leon H««e, 233 High SL, Croydon 01-686 91 n

— Progeny.

— Pror-

Properiy Pens..

Eau ity PmuT-i 1

Money Marten

Money MkL Pens. —
Deport

Deposit Pens. —

Managed

Managed Pens

Inti. Emit

Hearts of Oak Benefit Society
129 , lOngpMcr, London, WC 2 B 6 NF 01-4040393

Scottish AnwaMe Hit. Bfcigts. Ltt.
150 SL Vincent SL. Glasgow 041-2218844

Sih(TnStoiii-|M 9 11 M -LU 5.46

Scottish Equitable Fund M^s. Ud- t
2 BSt. ArvFvwsSq. Eifiitegh Q 31 - 556 W 01
Income Unlis ^6 H.J \ 5 XE

Scottish Widows* Fund Management
P O. Be* 902 , Edmburqh EH 16 5 BU 031^556000
U 39 + 3 .U -

Cannon Assurance Ltd.

1 Ofrnrtc WertJley HA 90 NB.

EcaiUy IMIS.™ ... J

Property Units

Equity Sond/ Exec.....

Prop- Bmrt'ExeC

Bri. BtL/ExeoUnH...

Deposit Bond

Eruity Acoxn — ... ,

Property Aecunt..™.—

ww Aaaan. '

2ndEqtfty -

2 nd Property

2 nd Managed —

2 nd Depart.

2 nd GiU

2 nd. American

2 nd Iml. Money.

2 nd Fa PerfiJAu

&d Pro. Pens/ *cc...

SIMCO Money Funds

64 , CaoMn Sbcci. EC*N 6 *E

O can Fundf .™.r““

few:

01 - 2361*25

IMgAPens/Occ.™

2 rx) Dep. PeislAct
Gill Phts/Acc.— .
2 nd Am Pens) Aet^
&xJ I ru. Money Pens) Act

LAESJ.F

L&ES.I.F. 2 ™

Cu-rer*

ESSsa&rdSHn

::i -

Henderson WhhWta

11 Austin Friary London, EC 2 .

. jFd.— ™|Mi 7

&rt Edged Fi*xl B34

01-5883622

i FurdT:

sSSSGnin:::

North American Fund

Far East Fund _

Property Fund _

Mural Fund

Deposit Fond ,™ —
Pnrnt RsdnO. Prp. ..

Do Pens.-....™.-

Inti. M waged

Do. Pens

North American -

Do. Pens. —

Far East — —

Do. Pern

Intnl. Currency..

Do. Pens.™

Infer Unfed.

- 4 d -

lnv.Cash.Jan. 22 — i
UbodFu

Equky

Al Fund ™-

JlnLFund

£S. F S&F(nis:|

iKSfwoS”:

Pens. InLFd. T
Pens. Fid U*. _ .
Pens. Cash Fd. Ort..J

H Jan 20 -™™.-...
Inc. Jan 20 —

AN Jan 21

'.Fd.Jlan. 21 __
a Fd-JM 21 -
Do. Cash Fd. J»n 21 ..

Skutdia Ufe Assurance Ca LW. .

161-166 Fleet SL. London EC 42 DV 01-3338511
Managed ACC...

Midtiple Health and Life Assur. Ca. Ltd.

fiaa® 4 ir“' Bn,nri Cemrt ' ®sri 27 L

—

InumattoMl

- Milton Keynes. 09086 * 127 «

Chrthse. Energy ...™_C 8 A — I ■ -J —

“ Magna BW. Soc.- - ~

Maoro Managed P 74.9 — I I —

wtue Mny

Archway UnR TsL Mgs. LLUaKc]

1 V 7 I ‘

‘ • ’-X*

317 , High Hriborrv WC 1 V 7 NL

01-8316233
5.71

Robert Fraser Tmst MgL Ltd.
28bMberoar)eSt v W.l. . 01-493211

RabL Fraser ULTst. (755 BOX .... i 6.00

Manulife Management Ltd.
SL Georg's YM*y, Sievenage.

KSS»!ft==W

Stewart Unit TsL Managess Ud(a)

45 , Charlotte So., Edirtairgh. 031-226 >271

Capita Ufe Assurance

Corostpn Hane. Cixa»l Ash MPtm.

m Santa Ufe Assur. Ltd.
NLA Twr., Adtfecmbe Rd.. Croy

StaMyFw) - I

ESrithiiriind..-..™. ....

Iriterrattonel Fund™

Dollar Fund

Capnji Fund

Income Fund. -

Property Series A —

SSffiVSzp

wstsse

01 - 686*355

t American Fund

tAmeriL

Acoxn. Units J.

WWlrawel Units

Arkwright Managem en t

Pwsonjge £dno, Manchester
ArkwngbtRL Jar.WHOOJ

061-6342332.
1065i — ..J 389

Bvdays Uuicorn UdfaXcKg)

Mrorn Ho. 252 . Romfortf IhL, E 7 . 01-5345544

i America: [365 - 39 . 3 +<UI 132

L Ace. 1

Line...

Da

Oa

DO. &tr. Pacific InC. _

Friends Pro*. Tmst Managers (aXbXc)

Pixhaiu EnLDortdng. Te). 885055 .

sasKSdBt- S3 tea?—

Funds hi Court* .

Pttjfic Trustee, Khigimy, WC 2 . 01 - 405*300

&S5 *** - i -*

H>§ni^ ta» lVj Ti— . ...

*Drouti. Restricted to monies under

G.T. Unit Maoagen Ltd.

16 , FlnsbwyChcta. EC 2 M 7 DJ. 01-4288131

Mayf l ower Management Co. Ltd. •BnttshCaniui...":.

14 - 18 , GrwhwnSL, EC 2 V 7 AU. 01-4068099 Axxum
lncoroe.Jan.M.- : . r [m 9

204

090228511

SSSS&.BH W l . : J =

For Ctwtwtouw tfagu « Mut** Heafth & U»e

wr-

WsfiTrrid Fund

i assart
fssShr

—Eurooeai Fund! jBi.t
DM L tTxes. & Ftl.

425

.. Ki v 1 ia

•West •’Atari & Thr.

t 227 J

McAnaHy Fund Man agem ent Ltd.

Regis Hse, Wr« WltUam SL, EC*. 01-6234951
lncTB.Acc._B 4.1 2-91 -|

Inc. T?L lnc-_.S34 26.11 9-g

jrrt *CC m,4 llfl .3 - J

len Fund Inc | 7 L 5 7 fcJJ | 4-53

Mercury Fond Managers Ud.

CMeftan Assurance Fundi

11 New Street EC 2 M 4 TP.
■nlmSlonN(2) | 2 *.

irsv™ --

Fund

Spec Srts Fund

H«i li

Income & Grami — .

fcWftdrWtaa

30 . GrostanSL GC 2 P 2 EB

&.T. Cap. I

&*S£i F &c-

kSC:

ii=

ExL Acc_ Jan. 20 — .

Sit Fund

Property Act

aaafcz: =

CHy of Vl taU iai tri e r Aasnrance ,

I3SS1SSS:

Series

BA

Magna Managed ..P 74.3
NEL Pensions Ltd.
MiKon Court, Dericlng. Surty.

KS:’*BS, c "ie ;!?5

NrtexGthJneCap 71 D

Nelex GthlncScc M .7

NelHtd.Fd. Cap — 54.0

Nrl Mxd. Fd. uc. 65 8

Mem Deport Cap..- M 4
Nelex Deposit Att..- TfO
Neln iroFxa.it*- Cap B)
Netax im.Faflnt. ta.Ul
NeUndexLLSecs.Cap 44 1
Nei Index uTSecsJ
Next i

Pens: Managed Acc. -

Pens-EaudyAcc... — )13S .7 - JJ-,

Fnr Pnces Of other Uprts and
Basis fetes please Phone 01 -;

.0306087766

4-04

Standard Ufe Assnraitn Gai^^

" 3 George St-, Edinburgh EH 22 XZ.

797 L

69.2

ll

4 BM

. Fiebroary ».

HPI Pnsiern Management Ud.

48 Grscethurch SL, EC 3 P 3 HH. 01-6234200

Managed Fund .-J 333 26 * jj ...- 1 —

Prices Dec. 3 LNe*t dnltog Feb. 2
New Zealand Ins. Cs. (UK) Ltd.

Maitland Homo, So u tfend SSI 2 JS

Managed
Property

Iniemat tonal —

Fixed Interest .

Cash

Pension Managed —
Pension F — -
Pension £

P ensio n l

Pension Fxd, inL —
Pension Cash ....

Sun Affiance Insurance Group

Sun Alliance Home, Horsham.

(Fund.. —

Owl

JK

Irtv. Plan __

Pscdto.

Property.. ... ...... ,

G«l

High Inc
Deport ...

Fixe? Interest Fund .
070262955 Property Fund.... ....

I International Fd..—

Deposit Fixrt.. 1

snaStfz

SAFMFd. Inr. Jh 13 J
SAPL Ptjr. Janl 3 -—

West i

Baring Brothers ft Co. Ltd.

B, Bhhasgate, EC 2 N 4 AE. :?■

G. ft A. That la).(g)
, 5 tayfeBhta>d,B»wwpd
G-U- H 42

( 0277)227300
49 JI -05 507

fS^

Btgmt. Co. '
e, London, EC 2 MH 13 . 09-5886280

--J -ffi. ssss&."& r .: —

llun-Trost™.

SWi

Mdbnri Bank £ nop
Untt TFust Managers Lid.
Co^^SHverSburi.

£££.

3" Target TsL Mngn. Ltd. Ja) (g)

T 31 ,GrastwnSt,E.Ci Dtalrgs: 0296 994 L
Commodity

B'gale It*. Jatl .
,.rr^ - -12

m

■y

f:

' 4 ry Jfc ” 26 .' *^i

■ridge Fund Ma na ge r s UXc)

Regis fee, Ktoo WUitom SL. E(^
.Amer. Got.

01-6234951

^WEx ermt
IlntLTsLlAccJH
llnfl.Tst-(Disu)|
Japan Trust tal

PL—..

““■Sij-vfSfe

:S

Britannia Gft et Unit Trusts Uri. W(cXg)

jEC2 .

_ Bfc—

asisa—

ii westmcm Trust—

i 91 - U^-Spd eS&Fd.
Malaysia & Snuore™.
Pacific >r

Pacific Re in*

Income- — I

Extra Income
Pr ef er rac e Share
Equity-

Da Ace- ..

EyidyExen**.*—™-

•PrtM~tt J»i 22 . tart drafeTJaa 29 .

Income and Growth

Growth

Prof end Jan 21

SW H.Y. Jan. 14
Caritai ActJac. 1 *
Ffe Tr

SSiSSar—

Money Fond.

|£* G§d Fd. ..
PULA Fund..—

| 0 C. Prop.. Units---..

Infeeriai Life Ass. Co. of Canada
Material Howe, GuBdford.

71255

KtO&M. M riz

SSSfe=

! First Unit Fund-ImO
Find ctrrendy dosed to

F V formUnits 2 * 3 ' .

For Pension Pnces sfewe. |d**»

Norwich Union hnuraneo Group
PO Box*. Norwich NR 13 NG. . 0603

Eoukty Fund *

Property Fund.. .

Fixed Im. Fund...

Deport Fund™ —

22200

Sun Ufe of Canada <UK) Ltd.

2 . 3 , 4 , Cocksxr St™ SW 1 Y 58 H 01-9305400

Maple LI. Grth 290.4

twrir U. Mangd — ■) VU

Neralch llidqa Ufa k
Society P rasS ny xs tor
Fixed Interest*.

9SSSr^= i

RS?u«'sis .-1

Series (21 Pnces are tor ooToes sued
Series (11 Thee am tU oriceslor c

Clerical Metfical
15 , Sf. Janes's So, SW 1 Y 4 I

Mixed Fund. —

Cash Fwd__™_.™ —

Prices Jaway 13

Commercial Union Grotqt
SL Heien's, 1 . Urtoeeshalt, Eta
Vn. An. Jan 23 - L, .H 7 b

DaAnty.Ja^ 9 .—_ 13.41 —

earlier poBdes.

Funds Ltd.

01-9305474

_lrish Ufe Assurance Co. Ud.

BmUdpn House, 7/11 Moortpxe. EC 2 . 014068401
>- 15 — I _

Maple Lf.Egty.

PersnL PaFg ._ — ,

Pens. Man. Can

• Pern. Man. Acc.

BtraalE:

Sun Ufa Unit Assurance Ltd.

107 , Cheaotlde, London. EC 2 V 60 U. 0272-299 5 »

PrapTMLJaai

RSStt&Sit

ExencL Man Fd..,.
High Inaxne Fund. — .
Global Frad

□ 1-2837500

umt Tnrf please see

Outer Unit Tnul

peed fita raB
M?tau'Urtt'frtst"

King ft Stamm PLC

5 «nq A Shanxi OMB 5933

Bond Fd. Exempt — IE 77.47 79 . 03 - 043 } _ •'

Ungtam Ufe Anar. Co. Ltd.

Latham fee. Hottarook Dr.. NW 4 . 01 - 2035 Z 11
Harvest Ren. Fund . .. 019.4

Mtwd-_..._. Ii

tar. Units Jan . IS — I 289-6 I - -J —

Pearl Assurance (Unit Funds) Ltd.

252 Hlgfi Kolbom, WC 1 V 7 EB. 014058*41

K:SS Pi if

ai8»r=IBB SS:

Pori Astumot IIML Ltofed ««*»> LN.

Ret. Managed (1130 11901

Ftoenfa t Assurance Co. Ud.

4-5 King MMBani St, EC 4 P *HR 01-626 9876

SWMSrrrBB S3 1 =

Pioneer Mutual insurance Co. Ltd.

16 , Cnwby Rd., N. Waterloo, L'pool 051-9286655
- 2BS4 ...J -

Managed Cap .-Q'

Managed Aec.._ - K ‘

Property Cap

Property Acc. — ,

Equity uW- —

Equity Acc.

Fixed I nten

Fixed Interest

ar

i Acc. ..

MenteionalCap.
International Acc.

American Cap

American Ate. ... .
Far Eastern Cap ..
Far Eastern Acc.._
Distribution

Ufe

{hum Ur hxJMdual
Pens.

■~r tr

... tr •
’ J *

L’

' - ■»

- li
v r -i
ff-.

u .*i

,af j

• 9 .

Ti :

Hec. Trial.

Bovett (John)

77 London MMI. EC 2
Stockholders Jan. 15.1

Grieveson Mtaagetaent COL Lid.

59 Grertam Street, EC 2 P 2 D 8 01 - 6064*33

Barr Indian Jan 20 — |

tssirifcJft isa^is

^1^22-8177 TmmMUntlc and G ro Secs , ( c) Cy )
MIA Units —1953 Mtta . . - -I 378 91 - 99 , New Louta W, Chehiriwd

Trades Union Unit Trust Mnagors

lOO/totaod Street. E.C. 2 . lf 01-628 BJU

TUUIJan .4 I 62 J 66 JJ I 309

Confederation Ufe Insurance Co.

50 . Cfercery Lane. WC 2 A 1 HE. 01 - 2*20282

_ ymglam'A' Pton — r

SSSnia am

CnubyRi .

Plaaetr Utl. *U. FdJ» 4

Rluned Sowings Group

68 , Eau Street. Honham

0*0350255

0245-51651

Lhrt&K — —

asstfli&r

Mumty Johnstone U.T. Mgnt. (a)

PPSnf^ D&f rno*y.

Nhitita Unit Trust Managers (aX9>

Stood SL Am. MaadMiM,

Mutual Soc._Pte S -2 g.gj -g|

Barbican Jar* 21 1976

(Acoxn Urnts)- J 173 -I

(Accum. Units) -
Guardon Royal BcLWt
Rtqoi Exchange, EC 3 P 30 N
(aglGusrdMHTst — 036.4 14 L 3 | -Ul .423

Henderson Administration (a) (b) (c)

ILK. Futas

®SEr-:ri

Mutual Inc. -- —

5 asi-o 3 9 !«

National Provident Im. Iii|p- LtxL
4 ft GracedxrchSL, EC 3 P 3 HH. 01 - 423^0
NP I Gth. Uo. TsL* — 143.4 67 ^ I $.70

(Accum

FleKfaig Int. Jan 21 ™.

sa yiaefta:

vk^LTU Jan 2 D—

(Acoxn. units)-.

WAckmoor Jan 21

(Acxun.^l|nrtsi_.

.Jn 22 .
(Acoxn. Units)

'Fund

pip^xS.

Pmal. fen. MngcL —
Staflguarrt Man. Pen.

ritfO im. rvn..._.~
Haitty Proton

irrcrnaLTVMta*

i Pen-

Cash Pension —

148

1040

Corah* Insurance Co. Ltd.

32 , Corah*, E.C 3 .

Legri ft General (Unit Awur.) Ltd.

nugrapod House, 4 th Managed 1»9

6 EU.

sa“—

.Actum..

Equity InittaL — D-

Do. Accum.

Fbcd ioliM

(Xi. Acoxn.

l mi Initial 1

DO Ae»e-iren . ...

Managed Initial

(Xi Aca*a

01-4265410

- 4 - .fc:::

Do. Actum. — . —
Exenvt Cash IniL
Do. Acoxn —

^xe wrt Eqty- *"h !

NP 1 __

lAcaxn. „
'Prims on joi .
•♦PritB on Jon

Next dealing
National Westminster (a)

Tyndall Managers LbMaXbXc)

GVaS.Spec.

Cradtt ft Commerae insurance

1201 Regent SL, London WR 5 FE.

; DeoprtFimd.

01-4397081

EH

f Acoxn. Unlis)

ireome

161 . Che*pdde, EC 2 V 4 EU.
Capital

(Acaan. Utots)

01-6066060 Pta -rxssx —

So&Swth — 1 — 7

.sAbEE..

Tntrf

Inc. ...

MW.lMm.nM*

isiafitez

HT —

( Aaaan Units)....—-

Exemt*

(Acoxn. UfltoJ

InL Eras

(Accum. llnHsI

North Ame*

(Actum. Units)

Far Eastern

(Acoxn. tain).

GMt locum— —
(Accum. Units) —
Mat txai Resource*.

Acoxn. Units —

Scot .lot—

....J 2 ft Sid irtweM-L,.™-™.^ 44301 - 0 . 1 | 14.73

3 Is’ j||fctp =W 3

iS -

Ldn. Wall Fb. Prfty

The British Ufe Office Ltd 00, __
MjawH ^'rtairit lggWe*. i^

dstoa -ta."27- jMg Trirt—

Brovm SMpfey ft Co. Jid. (aKs) ___ ffit. 06 ""'

St

—(«* ForMf

Austral on

Eiropan. —

Ha^' Hta jfi wMWh Sx-OW-SC*^ AiterianffiraHqr

.... (h>

— Cl 5 | 3.72 smi r.'

- t 3 Too

Bu chn i Mfe r 1 Ma n ag em en t Co
' TheStock Exchange, EC 2 P 2 JT.
BudtTynFd.Jao.

- ACOXIL

fAccu g . Polls)™. ^ —

IHHKPmy_

Ldn.WMImL — ; —
Uta-WtaH Specks.

181

a S

0.70

Hex»n Sendees Ud..

4 GL S(. HehmA Lmaton GOP 3 EP m -551 0094

Brewin 1 ial.Gr. <nc__J 49.4 . 52 JW 4 427

HH1 Samuel U*t Tst Mgrs-t (a).

45 Beech SWEC 2 P ax
( 0 ) British. Trust. — ..

Canada Ufe Unit Trust IfcigiL Lift.-
2-6 fegfl Si, PWtt« Bar.Herts . P-BarSUa

l Income Dm. —

M SK^SiTrS-

fB (bJGBtiFxd.InLTSL . 1
am (b> Gltt F.L Grateh,-;
4,07 (bl Hiflh VWd Tst

(bHncwepThsi 1

bs!EBs3eS

inr.Fd

gSZ&xsz

NEL Tmst Msnugen Ltd. <l) tp)

MiKon Court. Ooridag^Swrey. „ ?*l vSiDSTGiSr.

K^F.rHfeS T.S —

Nehttr HWh*.— Si fS

Ne«*r Intern* loraI.B 6.9 598 .... I 2.96

Narthgadte Unit Trust M an a ger s Ltd. (c)(yj
2 ft Mocxpate, EC 2 R 6 AQ 01 - 60644 ^

raTufe a .-BSSJ Si Ht

Norwich Union Inraranee Grata (b )

PJ}. Box 4 , tarateh, NH 1 3 NG. 0603 22200

Grae Tst. Fund ( 509.9 J 3671 - 3 . 7 ? 4.98

Pearl Trust Managers Ltd. (aXcXz)

252, Hl^i Hotoorn. WC 1 V 7 EB. . _ 01-405
Peart Growth Fd — [ 34.1 IS ( 064 . 42188 .

;5 - 0-3 4.67 tsb American

5 S-S ~ 2 -a Oo.AcaatL

3 3133 IR B3Sssfb=JRo

Pcfican Units Admiu. Ud (flX*)_ _ HgErZ®'

S 74 fl,Prtrw»St™.Mandieswr. Obl- 23656 ® T^a^Sto

Prt lean units [ 135.9 1447 J 4 i 5 DaAgaxa-

Perpetual Untt Tn gt Mn grot (a) do. Accun...— —

*ft Hart SL. Henley on Thanes 0491 ZW 8
WortJwttie Recouery. ] - 50.01 .. i 304 Wsto , Bank (a)

Practical Invest Co. Ltd (yXO wpjro st wrt, Be ffast.^ ^

So, WC 1 A 2 RA 01-623 BOT 3 (b)UWer Growth — 143.4

C&C iutogd. Ft - "'.bao

Crown Life

Crown Life fee., MtaWng GUZ 1 lWOBKHft

Exentenxed HrtL — 1

SentewaTwar"
Do. Accum.
exempt Sfngi Ii

EairrtfWpWL—

assawn:

DaAkiwa

MmagedCip.

fem. Maraged Acc.
Pens Property Can...
fens. Property Acc.

pSitSdetTL.

Pens F Interest Caa
Pens- F. fntereM Acc.

Pens. CartiCap

Pens. Cash Acc

Pm. Int*. Cap

Pens. InM. Acc.

Pens. Amertran Cap.
Pm. American Acc.

Pmta^ ...

gts* —El
as?”"'

Premtan Ufe Assurance Ca. Ltd
East Chester fee.. Haywards HeathJ) 4*4 587 Z 1

Pens. Far Ejrm. Cm
Estm.Au.

_ Pens. Far

Target Life Assurance Co. Ltd.

as *“■ "sLsstssfewi

Man. Find Inc.™

Man. Fixd Cap. [ 117 .!

Amencan Tech Fd..™,

Btdhhng Sue. Fd

Balanced

DatalUUngd.Fd

— tauni'RewiReii™'.:m^

DBBte= “

Internal ion I Egjtty_..|i

Prop. Eqidty & Life Ass. Co.

42 Hoondsditciv London EC3A7AY |

R. SiSc Prop. Bond ....| 2383 I *061 —

Property Growth Assur. Co. Ltd.

01-421 1124

DHL Fd. Inem. _..

«!*x!d Fd. AcC.

Manq'd Fd Inti

MwgU M. inem. ._
Property Fd- Acc. —
Property Fd (nit . .
Property Fd. Inun.._.|m
Fhmd InL Fd. Acc. ....
Fratd InL Fd. Inem. J

EaudyFd Acc. 1

Equity Fd. jmt —

1066

13 J 0 ,

ErxxjyFd (non. .
imr. To. r

_Fd.Aee.-_.

Inv. TsL Ftj. imt.

Iiw.Tsl Fd .man _
Money Fd. A«

BSftfcd

InterT FtL Inem

High Income Aa. —
High Income Ir* ,

fad

iEi«*y_Fd...:::

Depatit

_ , TS8 Untt Trusts (b) (e) (y)

25 ft High Hotoorn.WClV 7 EB. 01-405 8441 po 6 o» 3 , Keen* feei Andmw, ,H«i

Acoxn Units -

Ftertin

Peart Inc. —

Peart Unit Tst

(Accum. Unrtjl |W.

tax. A — l

Pens-Mbon Fd. ._._
PriS-MxngUAcc.

fens. MnU Intt...
Evoy Acc.. —

feni.!

Pros. -.

Pens. Fxd. Int Inrt.

P«. Money Acc

Pros. Money InH. ....

150

Lean ft Gnwral Prop- Fd Mgrs. Ltd
11, taeen VJctixta SL, EC*H 4TP. 01-2*89678
LAG Dec l-. tt _-m26 , -I -

Tin Lena Howe, Croydon CR 9 ILL).

01-4800606

Man. Fund Acc.

Man. Fd Inti

Prop. Fund ine

Proo. Fd. Cap

Prop Fd. Acc.™

Prop. Fd. Ind. —

Prop Fd. In*.. —
Fixed InL Fd. Inc. ..._
Fmdlrt.Fd.Cap...™
Fixed Int. Fd. Acc —

FlxrdlnL Fd. Int

Dep- Fd Inq...™

Dep- Fd. fee.

Dep. Fd I nit

U.R. EooHy Fd. Inc. _
U.K. Equity Ftf. Cap..,
U.K. EouhyFd. Acc...!

Property Fund- V -,
Property Fix* f.
Agncuiurml F

725

''BoiMML day

Life Assur. Co. o* Penwytrania

ft New Rd_ Onttan, tart. Medxay81234B

UCOPUntts 00M SU3 I...J -

Uoyds Ufe Assumes

20 . Citfuai SL, EOA *HX 01-920 0202
Mutb Gwth. J»ft6

►«s%*itd

Ajjna Fund.

flfcSSj

425 . OaSLrt-MJUhZl...

1135

"fF^FdJtaZl-

Pm fe. Jata.. r ..|

tefifMTfc

Ptxata.Cp.utoi.

44 , BtoomsfaurySOv v

ProajtaJte-jP —
Accum. Uruts —

02323 S 231
446 | - 0.71 5 l 12

Crusader Insurance PLC
Tower fee, 38 Trtmty So. EC 3 M 40 J

%SI

PnirincM Life Inv. Co. Ud
22 ft Btaoo^fe EC 2 .

Prolate Iml.—- p

feojlficGiHCao.— -.

Prolific High li*- —

01-2476533

Unit Trust Account ft MgtaL Ud
Regis fee, Ktaq WBani St. EC 4 R 9 R. 01-6234951
Friars Hse Fund 1564 UAd ■ . 4 4SB

Caita (lames) MngL Ltd
loaouBntaSL, cranea

- 2 L

HK Unit TyurtMaoagmLtt W
3 F^^PL, 0 « Jeuxy, EC 2 RBHD.

HK American TsL.

as

PnufL PoctfoBo Mngrs. Lid (a) MW
Hglfawn Bws, EC IN 2 NH. 01-4059222

3Bta=dw jswflia

Managed Pens Jan

Eagle Star Imur./Wtamd Assur.

1. Tbraadn e e d to St . EC2- ,
Eagle/MhL Units. I73.S 763 -13

Equity ft Law Life Ass. Soc. Ud

632

1 Nat Fund..—.

Abbry NaL Fd. (A)....
IrMrtrtent Fund
Immstmrat Fund (A)]

EouityFimd

Equity Fuxd(A)

Money Fund..

Money Fund (AJ— —
Actuarial Fynl-.™™_.

»ilt _
Art Ire

Fd. (A)..J

:19

International

in*. Fd. Uts.._

Pension Fd. Uts. 1

Com. Pens. Fd. —
Ciw. Pns.Cm.UL _
Man. Pens. Fd. __ —

*13

□606 U.K. Equity Fd. InR-.i
_ lnt.EooltyFd.lnc—

InL Eonlty Fd. Cap....
InL Equity Fd. Acc.

— lrt.EouityFd.ini..—,

— ReL Pan Ac. fen

Ret. Plan Cap. Pea™..
" n. Fd. fec —

Stan. Pea . —

Mao. Pro. Fd. Cap. ._
GUt fen. Fd. Acc. —

Gilt Pro Fd. Cap 1

Fd.Ace....

Pmo- Pro. Fq, .
Prop. Pen. Fd. Cap.™

Guar. Pen. Fd. fee....
~ n. Fd. Cap.— ,

Maafea. UL..

Pros. Pna — ___
Prop. fens. Cep. Uts.

IBSlSSrlifc

Gifts Pens. W

(lilts Pens. Fd. Cap. -|
ny Pens.

Pro^arJaaao .^1

. Sits. Jan. 20

SffiBP r|bS»J

WoridTech-jir'ZOJ
Man. Grwth. Jan. 20 .

Gltt Dec. Jan. 20

Equny Pens. Fd _..._.
Equity Peas. Fd. Cap.

Guar Pen

Sterling Fund —

U 3 Dollar Fund

Swiss Franc Fixxf —
Deutsche Mark Fuito
Yen Fund 1

_ Translate rnatioiial Ufe las. Co. Ltd.

55-57, HI* Hettorn, WC1V 6 DU
Senes 2 Jtoa Fd.. — QM 3 '

Series 2 butty Fd. ...BM
Series 2 Prop Fd. ....

Series 2 FlxeS Int.Fd. .

01-8317481

" Provide ncx Capitol Life Atsc. Co. Ltd.

Series 2 Moray Fd.
Series 2 (Tseos. Fd.

Tidlp inrosL Fd.

Tulip Managed Fd. ...
Managed I iw. Ftf. InL
M ma ued In Fd. Act. .
Man. Pen Fd. Can ...
Man. Pen. Fd. fee—

~ 30 Uxbridge Road, W 12 BPC.

Spec* Mir Ftf

Pension Eauity

Pension Fxd. fnt —

sasep*-^ 1 -”-

01-749 9111 Trident Life Assurance Co. Ltil

_ Ind. Pens. Deu.Fd-Acc...

Equity Fd. Acc. 1

IrtJ. Pens Ec-Fd. Ate.. ,

F*d. im. Acc

ind.Pm.Fxd.naAa...

Intnl. fee. _l

Ind. Pern. intiOAcc. ._
Managed Fd. Acc. ._
Ind. Pens- Man-FiAct. .

KJSKS.'&s:

For Other Fundi and <

— Provincial Life Assurance Co. Ltd.

01-5886010

North African
- Prires on Jan.

iik Market Iteders..

tore; SetaB

37 ( 63 . Pritx*aSL, MWjchratsr
Carr, gatagCws-RL. 1*35 «■'

■ m-

HKPriitee .-——-i

li w e sUn en t Bank of Irtaand (o)
OVros

Butter Management Co. Ltd.

31^45 Grteiam Street EC 2 01-6004177

iGen-Ftf “

L 1 1 c o o n? .. ...

3173 —4 31

^Sfe^TiiblSviS'ia 089222271

insurance

PROPERTY

BONDS

Hlgherlnc Fd 1

.FtoeS'lrteroa Fd'"l
'Gid. Deposit Fd__..
Nth. Ainenca Fund-
Far East Fund™... —
Irtenatlorad Frod-
Mlxed Fund.. _

m

1

§ 9.0

0 < 3_2

SB

H

— 22 ft Birtapsgate. EC 2 .

-Oft

-oft

aa -

Abbey Ufe Jtesurance Co. Ltd.

1-3 SL Paurs Oixthyont EC*

01 - 2*89111

EQotty ft Low (Managed
Amersham Hoad. High WyeonOe. 0*9433377

( 261 B

?l£t- r=»;

■*

Ctarinoa Ctarittas H/R
IftMtxxgataLordoaECft

tSd K3 IrJBS

Mtfes OfffeW »iw»t FowW-.-,.

77 LrodonWaft EC» 1DB. 0MW»»?

BK5B=I MS l::d-

BoOgRi
Prices

i ssrjssap

ioj]

. IOC. —1493 5 Z.J

MdgeficM Management Ltd.
1 Fmrtixy Sq, EC 2 A 1 PD
Income UT—™- 175 #.

•Fucto™ ..._.. 1 l||n

'IXXi _ —

01-5886906

.uuri Fxl FlxedTnLfd.tar. 4 _

hnelPac

Intel SnaRi

TS Kay Fund Managers Ltd. (aXft)
151 iS«Fmoster Row, EC* 7 DH

01-2*83999

‘i -

NOTES

H . srsss

prendw, im t*n- Ji **#. K.B UnHFtOc™...

mwraoce. * Offered pnea taj KB lM. Imr/te.

except ajug's gymilSDon y gfrrel pri a toLhgB K^FdlaTiJto-^.

l.Aa— ^ .

L^M-i

RothschM Ant Management W fa ) W
72 - 80 . Gatetiowe W. Aytetoxy.

m ttBssz:;

ffc. (ntl Fd (fee) ™—

SnHtr. Coys- Fd.

down Unit Trust IMLI (a)

Qty Gate Hte™ FinsttxrSG. ECft
American Jan- 2 L - - -|Jfr 5

SfllJS American Ser.*.... ™,

«% 9 W. High Int Ser. *_

PemKXi Pnwerty _.

SSSSSi.::.:

Renvoi Managed
PexScc Secunt* —
Pension Fixxd Int

012

Prices* Jan. 1 *. Next sertlemert F*.

_-J.Fd

CasiTFd

GlKFixxJZT.

Eastern jan

High Inromj

locarxe Janli^MM

SSI

= g 3 SWRi=J

— Fw. ft

Fxtf.TnL Fuod::::':::^

Ma caged Pens. Acc...
DepeskP

Pens. Act

Property Pens. Acc. _
FbLlnL Pens. Aec_._

London A'deen ft Nttm. Mil.
129 IQngsaay. London. WC 2 B 6 MF.
■Asset BuUderi 1531

itfB 2sr*-~

London Road, Gtoucesier.

Gttf. Hptf ..

Propeny

Araerycan... . ...
UK. Equiw Fund

Hktfi View.

Gin Edged

Money—

ifXfroattonal

Dual

Growth £**••- « .:

Growth _

£K$S£:::

Pens 6>H Edged Acc.
Pens Gtd.Dep.AcC —

Pros. Pty. fee

Tri liw.

3 Tri ijw. Bend- _W 7 7

~ MV Fund B 67

~ TyndalF Aasuruee/Pensfens(a)rb)(e)

Ltd.
01-4040393
55.91 - -J -

Uok nfouer Prices ring
Prudential PemiosK Limited
Hotoom Bars. EC 1 N 2 NH.

36

01-4059222

Eartty Fd. Dec. j
ind. FupdDec.j

ftlft -

Crop Prison Fixxh— Pnces 6 *alstie On RkmS-
6.T. Hfenagetnenl Ud.

— 01-628

16 , ntew^CKin, London. EC 2 M 70J.

gT^Pton Bond Fond

Pki Kgb Yld Fnd.

GT Pfan F& East Frd|
nFixi

♦Oft -

GT PtnNAmFixil .
GT Pfn LMGtG.E. Fnd
GT Pin WriAxdF FixJ

GT fenm Bud Fnd..
GTPenHiqhYltfFa-

01-6061066

iiHexpBMSlI ... _

^-subdfeatti

U (My fttorlOble bodes.

KBHtl

asa-JOL

(tarn tafei

Mer 6 nJsn 20 -

(featn-UMts)

Rwd im. Fd. ,

Hitalrt-Fd--

t TsL Can. fd.
48-50, C*»on St, London B

EftrtyFdAu.

RxaflnLAte.

Atetay life Assurance Co. LttL
31, Qtf StabiglBtSL. Wl. 01-4375962

‘ ‘ ‘ ■ ?

i

GT fen Far East Fd _
" - iN.Am.Fd__.

001
Ud.

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P wmjmi 15.*rt deafmg «f «

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Nr3eiiw.PBi.AM_ I

GT Pen

GT Pen UK & G.E. Fd -
&TftnHhr*ta*Rl.

Loodoo Indemnity ft BnL tea. CO.IM
183 ), The Fortxiry, Raarita 583511 .

asMBP:-=f‘

Rxed 1 Merest. -»

London Life Linked Assur. LW.

10 ft Temple SL. BfetoL BS 1 6 EA.

f^rnterira":::::::|j§3

Ml

061-2369432

fflzJ =

0272-279179

Progerty ..
Deposit

Ufa

Flrt.iP ). . —

Property fP. I

De3StjP.)_

MlSdlP.)-......

Indexed Stock (P.l. _

- London ft Manchester Assur.

AssicurazfcmJ GENERALI 5-P-A.

117 , Fendxxeh SL, EC 3 M 5 DV. , 01-488 0733

lrtl. MngetlBond._iU 0 *' 137 31 ... I —

General Portfolio Ufe ins. C. LttL
Crossbrook SI, Cheshjrt, Herts. ltaKhBmX 3 ZWJ

Portfolio Fd Acc I W 2

Portfolio Fd inn M 6

PorifanoFdCu.... - 1792 .

“ MsTfet... 5 «r
Man. inrt. .. 150.1

Wlnslade Parte. Exeter
Cap. Growth Fm*i..._

fSTae^Fd

Portfolio

Portfolio

549

0

Flexible Fund. -
Inv. Tnrsl

089222271

Rxed la Dec.

Prop. Fd. Dec.

Refuge Imrostments Limited
103 Oxford St, Mancfester

Reliance Mutual

TwXjridgrWrih. tfrnt

Equity Fund. 1933 98

Prop Fd. (1st i«uel_

Prop Fd. ( 2 nd luor) .1

Managed Va 198.1

Rothschild Asset ManMneiit
SL Sw iUwe Lane, London EC*. 01-626 4356

N.C. f ^^ -^ hL .^£/^ 4 r;;h | 5 a^H '14 J _

Royal Insurance Group

Naw Hall Place. Ihwnmai. 051-227 4*22

ROyal SMeWFd. _| 214.1 2265 ? . J -

Save ft Prosper Group
4 ,.GLft.JWM\ Lntfn, EC 3 P 3 EP. 01-5548899

18 , Canynge Road, Bristol

S2%v”:r:

P«x»etty.._

Onerseasin*

UK in*

Deposrt

Man.Pen. 3 -W

BSfctrr:

Prop.feo.™

Oep. Pen.

0272732241

Vanbrugh Ufe Assurance

41-43 Maddox at, Ldn. W 1 R 9 UL 01-4994923

Managed Fd 007.7 218.71 -1 3

EoatyPtf. D 539 372 ft -*il

Intnl Fd 033,0 ...T

Fried !«. Fd fM 9 9 19 ?ft -L 7 J

SS w d . .Jus*

+021

Vanbrugh Pensions Limited
* 1 - 43 . Maddox SI , Un, W 1 R 9 LA

Managed..

Fj*eS r iim rnt...

uSrxLiniied Girt .
Guaranteed..™

1644

01 - 499*923

1*50

— Bal. In*. Fd..,

= S5W'.?

md Fund

Property Fund

aav„ — . ..

*Add(ta to pnte afere mduyd imnagettvis dago

•w

Deposit Fd.^....:. | 16|4 173 4

tan. Pros
Ei

EdurtyPets Ftf. ...... ..B 30 ft

PraoPraiFd • 1477 5 5 G 5 :

Gilt Pens. Fd . .._ll 2 l >6 134 ;
Draw Pws.Ffl.r . .. |D 5 2 K* ;

’Pm; on January 13
tWeeidr Dralinjs.

193 ft + 0 »

b m

-11

13327

-Lft

- 0.7

Welfere Insurance Co. Ltd.

Winds* Park, Exeter. 0392 - 5 Z 155

rSedfi^lMh! 1 pirn refer 1 ™ London & WUnJesie*
Gnwp.

Windsor Life Assur. Co. Ltd.

Royal Albert Hse, Sheer Sc. W(n*ue MJ 44

Imrsior Units
Acoxn Pro. umu.
Fie 1. In*. Growth.?, .
Future Assd Growth ™
Rrt. Ass’d Pen

Financial Times Tuesday- January^S- 1982 : '

Design, Construction
b Engineering Service . ;•

V.

i tr ittcn'i Jpjn Avcr> -1238

BRITISH FUNDS

1981-0 { | Pnee I* «(

High Ln Sort | £ | - ) tat I M.

FT SHARE INFORMATION SERVICE

FOOD, ' GftOCERIF?— Cont^f

“Shorts’* (Lives up

107 99V Treasury 14pc - S2tt.

99’j 98A Tms. Variable '62M-
973, 93«> Treasury 8%pc «—
96% Exch. 9^1982 —

95% 92% Each. a%pc 1983.—.

93% 84% Exch. 3pc 1983

99% 95 Treasury 12pc 1983SJ
99% 96V Treas Variable Tfttf
95V 90% Treasury 9 VpcJJ3-

101ft 95V Exch. 13ijpc TB

94V S9V Eab 10pe 1983. . .
89V 83% FwsJ>ng5VjK'E-e«t
96V 90 Exch. U'aoc 1984 ..

303.1 95V Exchequer 14pt 1984.

84% 77 Exch. 3pr 1904

93% 90% Treasury 12pc 1984..
107% 95% Trw'ury 15pc 1985 .
98% 88V Exch. 12pc Cmc '85 .
77% 71 Treasury 3pc 1985...

46.1 85V Treasury 3 1^1985.. .
98V 37% Exch 12Upc 1985

97i s 84% Exch.UVpc‘8 6

73 65V Treasury 3pc 1986 —

97’, 1 84% Treasury I2pe '86... .
85% 78% TrrauuyiJi^c'S&afcg

95% 41% Exch. 14pc 1986

103% 90 Exch. 13Vpc 1987...

to Five Years)

9933J-.’j

99% .

97% -%

96% -%

95% -V
93*fl -V
96% -%

99%

94%

«?a -%

93a ~‘i
88 V -%

94Vu) -V
98if -%

84 -%

931. 1%

98’asfl -1%

90V -1%

76 V -1

89 -1%

90 -1%
aavd -ii ;

71V -IV
88 % - 1 %

82 -V
93% -II;

91V -1%

1931-82
High Ls<*

64 57V

29'; #V
114 97

97V 91

10H; 94V
961 2 631;
03*2 77

941} 701;
64V 54
62 51%

7ZJ? 59'i

100V 90V
100% 98
10012 98V
IfllV 49V

LOANS

] I Pna |+ *r| tnli

I Stack I £ | - I I* | M.

Public Board and Ind.

I tarlc. ML 5 pc " 59-89 58% +V 858(14 28
Met. Wir. 3pe'B '.. .. 25V .. . 12 18 1 1457

U.S.M.C. 9pc 1983... 105 857 -

Do. without Warms. 96 — 9J8| —

Financial

BANKS AND HIRE PURCHASE

FFIMpcTO 97% +V

FFKUKFxfilgcaiaK!.. Wa *** I

Do. 6%pcST 81-84 82

Do Mte Um.Ln TO Wj

Do. llpc Uns.Ln. '88 80

Da llVsc Uib.Lil *90 80 ......

Do 12imcUn.Ln.1992 85% - - ■

Do. TVscAD*. -89-92 541} -1

Ds 7VpcADet "91-94 55% ....

Do. 9pc 'A 1 '91-94... 651; ....

Da. SVcLn. ’92-97 58a!

Building Societies

Nwntf 14VpcEdUR82 99% . —

Do lAVDC&fc 25.80? 99V ....

Do 15%gcB*.Z9°82 99%

DC 16VkBiS 27.1032 100V .. .

1430 1537
581 14.20
7.76 15.07
776 14.90
1251 16.10
15.86 1550
14.82 1650
1332 16.34
13.61 16.00
1433 16.15
1530 1635

1482 -
14.79 —
15.45 -
16.21 -

FOREIGN BONDS & RAILS

Five to Fifteen Years

71% Fiindinq 6 %pL "85-67 tt
64% Treasury 3 dc 1987 ....

81 ■; Treat 12pc 1487

72V Trpjrwv7VK,8W8t*

58% Transport 3pc ‘78-B8
74 Tirasury ll'^x 1984
54V Treasunr5pc "86-59
85 V Treasury 13pc 1990tt
81% Exch 12'zpc 1990 ..
64% Treasury 8 Vdc 87-SOtt
77V Treasury UVpc 1991
57 Funding SVpc "BT-kltt
72V Exch llpc 1991...

81V Treasury 12VPC "92tt
69% Treasury lOpc 1992 .
79 Exch. 12Vpc -92 . ..
8 «i 4 Exchequer L3 %jk "92.
79V Treasury 12%pc ’•Btt
53V Fundingipc I993S
84 Treasury 13Voc 1993tt
90% Treasury l«l*>c 94tt
82% Exchequer ]3%pc 1994
79V Exch 12i»ic 1994 ..
63V Treasury 9pc "94# „
75% Treasury 12pt’95. . .

42 Gas 3pc ‘90/95

68 Exch. IDI 4 K 1995. .
79% Treasury l2Vpc "95**

85% Treas. 14pc -96

63V Treasury <foc TOW*.
91V Treasury 15Vpc ■%» .

82 Exchequer 13Vpc "9Wi .
90V Treas 2pc I.L "%**• .
42% Redempbaa 3pc 1986-96

75%

64% .

88V - *

74%rf -■}

62 -V

BO'-xrf - A

64 V -%

871;

88 V -%

71 % -%

80% -x
61% -V
79% -V

as -%

71Vrt -V

80 %m -v

92 V
83'; - »

58% -V
91'= -1

W

81%xd -V
68 % -V
79%m -%

44% -h
71 -V .

86% -% 1520
89% -1 15 65
69V -V 23 64 24
100 -V 15.80 15
89V -V 15 29 15
93% -% 2.47 *

44% -v 685

1981W "w

High Ln* Stock £

95 58 Antofagasta Rtv... 65

57 53J; Do. 5pc Prel 55

98 98 Chilean Mixed 98

20 14 Chinese 4%* 1898 16

22 11 Do. 5pc 1912 .... 13

18 8 Do 5pc 1913 12

16 9 Do. £pc *25 Barer 10%

45 36 Greek 7pc Ass.... 44

42 33 De.6flc28Stb As* 42

35 30 Do 4pc Mixed Ass 35

52 35 Hung. '24 Ass... . 35

97% 87 *0ofetKtiKLnZ)ll 91%

67 58 icetwdb'.-mc’&SS 58

102 80 Do Home 1*2016 . 82V id

92 B3<; Ireland 7%p: -81-83 89V

74V 63V Do 9Vpc -91.96.. 66

240 180 Japan 4pc TO As* 240

79 66 Do. 6 pc *83-88 .. 68 m

165 155 Peru Ass. 20)7. 161

96 V 791; Pet.MxMVWOfc. 87%

579 575 Turin 9pc 1991 ... S75

DM90 DM87 Turin 6 %pc 1984. DM87

+ orlftf. % M.
- Cross YJttt

... 3h a lfl

.... 1740 7740
2 f5.73

.... 2V fB.33
... 15 1683

.... 61; 17.00

V 141; 1747

V 7i; 1569

V 9$ 1675

T 1313
. 522 f328

- 1 ; 141; 17.55

9 11200
.... 6 % 21.40

AMERICANS

1981182 I I Pnct (+

High Lm ) Stack | £ ] -

27% | 24 |AMF5%Conv-H7..| 24
912p

* H On. | rid
- | Emi CV|Grt

198US2
m Leo

290 173
280 194
162% C48V
*ltf W
21V 13
355 234
310 240
*8 3

250 170

m 145

548 285
472 370
243 182
408 270
95 64

50 16

650 520
475 BOO
£15% £12':
14 5

”£681; £53%
550 405
37V 19%

5 Ik

324 23§
290 175
42 ?8

250 152
123 75

190 112
176 112
*165 115
88 54

265 172
104 78

284 198
454 292
98 53

294 188

360 280
£72% £60
£82U £681;
92 58

228 130
425 338
£54 £40
302 87

588 320
280 205
£22% £12%
204 35

710 552
S34 521
540 385
£18 £11%
£42% £13V
133 B4

AN2SA1

Alexanders D.£l
Algenww FI 10D

Alhed Irish

AnshaclwfH.JSp
Arbuthrm L £1
Bk. Ireland £1..
Bk Leu mi SO!
BklewmOIKVl.
BV.N.SW.5A1..
Bank Semtaodil

Bsrctaystl

Brown Shipley £1
Cater Allen £1
CftarterlxutfCp.
Clive Dis'nt20p
Com'zbfc DM 10
C'hgn.Hbk.KrlOO
Cred France FIDO
Dawes (G.R1-
Qpjcde Bek Duk
' EunbarGrp £1
First Nat. lOp. .
Oo Writs 7583
GerrardNatnt—
Gillett Bros. £1.
Goode D'l Miy So

Grindtays

Gwnness Peat ..

HambrosSp

Hill Samuel

Hong Shng32SO
Jewel Toyrtbee
Joseph (Leo) El.
King & Shax 20p.
Klemwqrt B.L ..

UovdsEl

Maiison Fin. 20o
IMercury Secs . .
Midland tl. ■ .
Do 7%*. 83-93
Do LDVV9348
Minsier Assets..
Nal Bk-AredAAl

Nat. West. £1 ..
Ononun Bank £20
Rnml Bk. of Scot.
Schroder* £1.
Seccombe MCE1
Sec Pacific Corp
Srmth St. Ai*..
SM*fd Chart £1
Trade Dev. SI 50
Union DiscEl...
WelK Fargo S5.
taestbnt.'Ub R50
Wintni4 20p....

'-‘1 M Icirlsf'llWE

-3 Q2Bc 331 7 1 43
■« 185 - 11.0 -

-i; tg026% 19 93 56
. 0439 s . 5 5 98 27
0.15 - 12 -

.... «20 - 5.4 -
-5 CBS - 9.9 -

»Z Q24c * 8 6 *

-6 1-17 5 57 5.2 35:

-12 tlB.S 5 5 59 36

‘3 h65 - 4.0 - :

-5 23! - 1L2 -

. .. «52 17 «Sf8i)
•1 ttj - J -

’.... 014%. - lOi -

UlUgIBlVJ - I 5.9 -
. 1 t 62 1 5.0| L617j

*3 140 -

-8 17 71 -

-I 0.75 -

-6 4! 3 41

*3 40 -1

-3 74 5 -

t7.Q -

-1 r061c -
-1 50 -

-5 10.45 -
+1 5.75 -

-2 90 -

-5 T171 61

-2 2.57 18

-*-4 70 -

-10 t21 5 3 6
071;*= 233
. . G10W Z33
*40 22

-2 022c 3!
-13 +210 45

:J 15 s »

.. 105 -

. 180 -
... . 0S22D -

CHEMICALS, PLASTICS — Cont.

]98MB ( j i* erf OH. i ]YU[

High Lew ( Stack ] Prat | - ] M ;DeftKitw

19SU87
High Lew

-2«".j 14
42 21

£91 £83
£90 £79%
133 95

45 -
6.7 -
41 -
123 -
6.5 -
96 -
57 -
55 36
5.6147

nos -
rl6! -
76 86

18 131;
79 32

135 98

195 112
53 36

m isi
•301 218
£100 £90
336 226
41 341;
230 74

142 77

190 101
65 33

£122 (£46
m 64
236 170
177 127
195 158
109 51

14% 7%
125 85

45 27

5t.l Senjtii IDs.
Bnl.7rPrt1 ICd.
CdaC fiVC. 01 9a
0o£V'«Cai2«
Coalite Group. .
Cease* Bros . . .

Do. 'A - NV

Core (Horace) 5p
Crock lot. 10p.. .
Croda lot. Defd
Dinuf-StramfSp..;
Blis & Everard. !
Fsons£3-„i-.
HaitteacKJJlOp
Wsn.WWcfc5Qp.
HoechstDM5...
OtfaiOMtaiL*.
Imp. Chew D..
D0.596K.Q.

Int. ftint

Uporte Infs 50 d
L eigh lms5p-
IrWtWyCS H )10p
For Norsk Hi
Nomlnh AS-r

PfpnlOp

Ransom Wm. lOp
Rentoka lOp ....
Sat Ag. Ind £1
Stewart Plastic..
ThogarBardexlOb
Woisienhotme ..
Yorics Chems ....

39 -1
42 -1

£90 -%
£87% -%
129 -f
64 -1
62 -1
14% .
76 -2

51 +1
33 .

135m * 3 %
165 -3

52

230 -3 i
268 -2
£92

330 -6
36% *1; 1
230 -5
142 .

108

33 - 3 :

idro See 04

aoiy 1

204

236

160

177 ...

107

10 -%
120 . .
42

2! IS “duill
C8^

OEV’wi 4 Oj 19 v —
N16 4d 4« 56
3D 3.1! 6!n S3
3-D 3 D 6.« 5J

♦13 IS i h 93)
♦(375 iB 7 07(215]

j «*t* _ [ Wei

Lovell (G.F)'...„ .*51.'
Low (Wm.JJOp 186

Matthews (B)^ ’W-f
MeatTiflde-'Sup.: ^ 9 C
Moms'n(WJ 10 p 164

Newflm- ,:.72

Nictate (Vmto)-. .188.
Northem Foods 168
NurdHiPTLlOp MO
Panto (P.UOp. :14
Paterson Jenks. -.75
PyleHtdgkUp. 54-
R.U 6 L-,. — .] 69
Rg»fltKeU;50p

vL'Jftj- -ill-- R U
55 - 1 *

— r- hU 8 3J 5J 53
....... U 12J ~is

+4 -0025 U U U.1
423 « Si 5i

1 99 -M 7j ts
+1- 533 ■ Z4 4.5 115.
*2 M2S 4J Z313.9

+ 1 ; ttuo « ; 5i ^

_i_ ( PM ■— t| ^
-IB t7J5 3J JLS 151
..U *tI33 2! 5J —
tlB 625 , -83 2J 4.7

3F»-i!d8

-5 t32 5 32 6.6 56
rflSIOO - 38 -
-20 23.0 - 78 -

-% 051 92 - 74 -
. 032% 1.6 W1 00
-3 3.2 - 34 -

Over Fifteen Years

Hire Purchase, etc.

35 14% faille's [HdgsUOel Z6>; *0 27 2.61 141(2191

£25V £11 OB'cre Fr 100. £17% -V a015% - 78 -

64 30 Lnd.ScwFm.10p 44 *3 233 24 76 70

251; 13 UmmmMm lQi 17 -1 *09 15 7.610.9

148 93 Pmr Financial. 1ZL -1 7.02 18 8.3 9.5

161; 6 Sturia HMgs. IQp 16% -% FDJ5 - 3.0 -

56 34 Wagon Finance 43 -I 2.31 12 7715.2

BEERS, WINES AND SPIRITS

mommy ihdeh

to the HnmaflmrTKS

For the first time a monthly index to the Financial Times ts now available. Of
special interest fo librarians, information specialists, researchers and
managers at all levels, the MONTHLY INDEX to the FINANCIAL TIMES
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** * National and economic indicators.

* Contracts, tenders. investments.

— -1 * Bi£ k' takeovers and mergers.

Am jual-Cu rriTlIa ri v?

T-hdexthc! uded-.' • '
>ji-jrj-SLtb scr i f ) t ion - .

OKUEB FORM

Nmk rtium 10 Sucsaipimnii r«?pt Th-? Einaa- i<*i
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Arthur bireei L?ndon£C4RPAX.

Telephone Dl-623 I2U.

Plegpe enrol me lor an annual subscriphon in the
Monthhi Index to the Wo j newt Times ai ihe
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ihp ix« it con requite further mtormaiicn.

Mr Mrs Miss

tenefase cheque value i

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Signed —

. J<p,.x.iil-. ^ r I'- ^r-i-li'-irrrt I -xii*- ■« fr* II’IH'I

.Figaagjial 26 J982

TNpSSTRfALS-rGp

jgm'y 2 ,J • •■•■-■*•

LEISURE

|+ itJ. Of. • YV .
Price t - I Ket Cff Grt PIE

Lep Group Mp

43d
190

74 (ftctttt£Gafan<ij2M
95. Redfeam Glass. 132
27 iReetfExeclOpJ 29.

*22
nr

■ 55

n

230
23
425
103
93
178
.•85
Z1B

■ 72
87
-44

&

3§

55 1.28.
25 (13%
168 1-86

WnrtW^.20p
Ureas (£Ms)20p

59 *2 5.95 U4J24.4 —

123 6.0 « 7.2 * -

78 .... 5.25 L6 9.6 8.4

59 +2 *3.0 - * -

52 10 - 2.7 -

132 ..... 16.04 - 6.1

FaMine Boris 10p( | ±11

36 +f 2.75 2.4 10.9 5.4

39

nj ffi&llS S SS Hiiilj

jfaffishi i.“ L 7 1’ i*

» o0.41 21 Z.6 26Ji

125 -1 10.07 1.7 115 65
316 -1 8.75 « IfiJ *

65 3.7 25 81 7.0

11 — _ _ 825

243 - _ _ _

40 dl.O — 3.6 —

70 -1 g0_8 L6 16 623

7>a —... — _ — 12.7

52 . — 3.5 35 9.6 4.1

337 -3 9.5 4> 4J «

142 -3 63.73 « 3M 0

135 ~5 08.77 - 9.9 - ls2

86 5.95 33 9.9 4.4

^ z z Z z 2 “

6 X » z z z z s

70 -1 ' 426 4> 9-1 * Ifl4 2

240 -15 . - _ 05 Z ^

25 W051 27 29 M5 we J

83 275 3.9f 4.7|7.0 535

{CRAFT TRADES ^

I 35 |E.ft.F.(HW».L <1 | 01 I -.10.41-

H ted®. ^ i.l n H ili’

fe.ll “ 146 94

tl 24 U»j1M0

Components 60 30>

5dj -2 ' L4 3.71 421 7JL *»5 260

142 -6 txSTS L7 7.7 MJ ft

02 0205 77 3652 348 92

is z m - ± - 150 93

% “.. tfLS _ £9 - ig 25

§ ;! *? :J: ™ §

^ i s? „ v 24 aJfl

132 -3 5333 3.4 35 9.0

70 -J « - 12 - C

278 4-3 $3.75 3.8 Z.914.9 ^

TO ...... 05 121 26 43 72 43

58 -1 hU6 21 3.4 M.9 86 69

2Z7 -7 11.0 — 69 — 53 23

38 -2 0.1 — 0.9 — 58 33

42 20 U 6.819.9 59 35

37 0.1 — 0.4J — 60 42

nd Distributors J? ™

I 73 1-1 13.75 I 191 7JM.7) 162 U3

PROPERTY — Continued

IW^Lwl Stack | Prin | f -"| *t |nr|SS|i«

usaat & .2 w » vua

Mounded—.. M 3.5 22 6.0 (8.9)

Mountvfew 5p .. 146ni +l 2 29 76 28 6.6

BBSS*'-” “F-

North Br4-PiWS_ 152 . ... 21 22 29 ZLB

gwfrq t-rse- ”5 -? 45 29 4.4 16.8

PrnrineCoov lOp. 8 -i» —

PhgmTl8n.&FiA. 62 +2 — _ _ _

Prop MWg-& l r«- 156 -4 LL5 .1.4 32 35.4

Prop- P»*?*«P- *25 t5.0 29 3 2 23.2

Prop. & Rev.™ 260 3D 16 27 33.9

Prsp.5K.In50p 127d -2^ fLB 21 20 (3)11

Raglan Prop Ip 32l a — — _ _ 326

Rfcgalian 45 — — — &£

kmal Prop.. 252 22 24 21 298

+59 -2 2.2 2.4 21284

MO -5 21 127 1.2 7.5

220 -2 3.75 0.9 2.4 (ttO

1C3 -3 445 19 60

« ...... 3.25 13 5.3 23.0

,55 -1 hdl77 25 4.6128
£75 2.0 3.1 (M2)
£228 -2 010% 222 r4.4 —

006 -2 QS% 55 (7.7 _
330 -3 4.0 3.d 1.7 29.4

64 *2 lQ4Bc 2.« 7.0 47

146 . — u5.18 17 5.1 QU]

125 12% 105 IP 7 _

39 ...... MM3 1.4 31 32.4

3W» -i 4 0.01 — — _

137 -1 725 14 7.613.7

17 027 11 22 57.2

345 -1 Jtu75B 45 3.3 -

460 6.0 OS 19 -

310 +6 65 11 29 430

400 mO 16 3 6 23.6

£23 KB5W 10 8.C12J

73 +4 4.0 3.0 7 6 WO)

33 HOM 4.9

fOS L2j * (J2Q

SHIPPING

362 bl35 3.71 531 60

273 +8 5.Q - 23 -

142 t2J5 4.« 22(114

135 ..._. 6.0 35) 84 3.9

37h +l 2 K42.3 16 88 9.0

58 -- 1.07 — J 25 -

322 42 t9-5 4fl 42*. 55

20 +h - —

133 -t 05 - 0.5 -

iN VESTMENT TRUSTS-Cont. OIL AND GAS — Continued

mm (

Hkjb Ln | Stock 1

126 95 Eng. A Intematl ..

! 98 80 Eno.&N.Y.Tnia

, 83 60 Eng. A Scot. Ip* -

29 23 Eng.Mat.lw. PreM.

I BO 73 EngLKatlw.Mll.
147 119 Equity Const £1-
245 185 Do. OePd SOp—

307 2502 Equity Inc- 5QP—

I 89 71 Estate Duties

21 Bh F.AC.Ed.Tst-lfti-
56 4912 P. & C. Einutrust .

121 98 Family Iw.Tst —

14 8I2 Fus Cta riot* A»ts-

133 lOllj First Scot- Am.—
T7U 55 Foreign&Cd-...
120 81 F.U.G.I.T.(t»2S>-

58 46 Fulcrtim Inc..

6 3 Do . Cap. 2tjP—

502 38>2 Fundlmettlnc.—

144 86 Do.Cv- — -

111 66 G.T. Gfcite! Rec.O

407 261 G.T. Japan

208 173 Gen.&Comitr'el..

122 100 Gen. CansoMtcl. —
358 1B5 General Funds—

and Cycles M

27 +2 — — — — 40 I 20

101 -1 Q12c - 62 _ 22 14

45 — — — — 29 is

202 +14 010% 1L9 04 24.9

27 07 «J 17 71

£1? "Z: om 5 d| 49} 32 3J2 —2

Commercial Vehicles 380 ms

362 1262
380 225
174 135
445 230
160 80
26

60 302

325 232 Do.Com.10p—
192 159 Gen. Investors ~.
66 51 Gen.Scotttsti— ...

207 160 Gen. STWdn. 12hP

85 66 Glasgow Stitts.

16lJj 129 Globe lm.

141 no GU iiorttiV> Irw —
1B0 115 GreenbarieTst....
194 144 Greenfriar lm —

312 165 Gresham Hss

Wi 2 73 Gresham lai

115 91 Group Inwstore—

110J 92 Guardian Inv.Tst.

106 74 Hambros

1302 HO Hill (Philip)

168 113 Independent In*. .
84b 64 Indostrial&Gen..

107 82 Intenot'llnv

340 236 lm.in Success —
132 96b imestofs’ Cap. _.

28 24 Japan Assets 10p.

208 83 JanSn? Sec. HK55

169 133 Jersey Gen. £1 —

82 68 Jos Holdings

53 37b Jove lntt Inc. lOp

% 0? Do. Cap. 2p

102 11 KkpIiwhms5»..

Price i - I Net ] CV I Er'j :

113 *1 55 U 7.01

93 4.05 U 6J2

68 . — 18 U 3.8 1

24 2J6 1.4 14.0

75 4J4 tt7 8.6

133 t9.45 lJlO.2

217 42 005 U 69

278 16.75 1.0 88

77 +1 t23 18 4J

17lj ..... — — — .

54 L45 11 3.8

1?6 +2 6.0 U 8.1 j

124 ZZ 455 10 51

66 . — hi 85 10 «
113 -2 014c « 5.0

46 4.6 10 14.3

3tt — — _

39 +b 424 10155

U9 +2 — — —

79 *2 20.75 - 1.4

37(W -2 [45 U 1:7

193 9.35 11 6.7

116 5.9 11 7 3

298 7.75 10 3.7

270 — _ _ |

175 ...... t6J 12 5.1 1

_62 +1 01 11 7.1 l

.. 122 111 4.0

I« -J 73 iftl 7.4 I

133d +b 6.6 0 7.2 1

133 ..... 4.0 6 41 1

lB6d +8I } 23 « 18

175d +lb 3 65 -J 3.0

®al +1 f 33 23 5.0

IDCd 31 LI 4.4

124 -1 9.0 bl5{10.4 (7E)

Ml -3 30 13| 8J (1271

117 +5 1.75 73 2.3 6.5

122 + B 175 711 24 6.9

1C3 +1 75 £910.4 4.7

Ol Q30c -I Lfl -

1 7.31 20 6.9

\u \ 47

SHOES AND LEATHER

26 « 72 I 43
3-4M.9 86 69

119.9 59 35

10 - - - 5l8

69 -1 Z01 - 02 -

mgUM Motor _| 67 -2 5.0 £15 10.7 m

954* 033 — 0.5 —

14 -1 Z0.1 — LO -

I 37 -I — - - -

. 105 -1 d555 3 2 7.6 .5.9
I 75 -lb 3i 1« 6.7112
|128 -2 45 - 5.0 _

34 16 4> 6.7 *

92 -2 $4.0 IS 62 93

35 -1 *21 - t -

1 53 2D 4.9 5.4 5D

47-1

2D 4d 5/1 5.8

" 142

198 002
£14 900
470 355
'92 55

630 326
975 560
230 160
218 122
870 550
150 100

71 +1 d5.04 15)101 8 5
81 625 ODjllD (174

53 t25 3S 68 (3D)

50 4D6 43llB (23)

05 3.78 123a7 91

60 +16 4D -j 95 -

23b *158 111 ± (133]

56 +2 5.0 -|12J -

233 3.0 8-S 3J -

58 42 16)10.3 7J

SOUTH AFRICANS

32

38 IHlms (Charles) | 55

21 Uraalps I 33 -b

56 ' (Kenning Mtr._..| 64d -i>
99 -4

24 +b aa yon

76 +2 2.95 2.7 55 95

iS :i 5 fo ” li ' 7 - 01 TEXTILES

32 ttDM — t — 173 114 Allied Textile _ 173 +15 G7.24

55 2/98 - 77 - 59 33 Atkins Bros. ._. 57 f4.65

33 -l 2 20 05 8.7(421) 41 19 Beales (J.)20p- 36 ...... ZD5

64d -b 35 <6 7.8 * S3 57 Beckman A. 10p.. 71 5.73

99 -4 7.0 19 10.1(61) 15 9b Blackwood Men. 9b« -

55 -1 385 * 105 # 52i 2 34 Brit MoMr.— 4P 2 +b 3.77

Wj — — — — 51 34 Buhner L'mb. 20p. 39 3.82

8bp — — — — 17 8 Caird (Dundee). 15 6—

81 -1 35 23 62 7.9 34 17 Carpets lnt50p.. 23b -

43 115 12 3.8 (2871 17l 2 9b C*r - gtnVlys(la 13-b —

79 +2 125 165 2-3 2.7 78 S3 Coats Paaws- 64 -th 4.0

25 9.7141
6 7.0 «

29 8.9 3B
21120 4.0
Z* 10 Z 41
19 83 6.4
m 104 24
15 7.0 9.0
3.9 51i 5.0
11 7.A/2ZQ

14 1Lb)( 7.7)
13 14.0p3)

79 +2 125

Coats Patons—i 64

55 +1 - - - - 3»z 28 Corah..,.- 3V t

4.0 2.4 8.9

2.9 itfn.a

26 ...... -I - - 83 49 Courtaidds.— ... 81 -2 tLO - 18 -

£7% £604 Do. 7% Deb 82/7 E70b _.... Q7%-el65-

S PUBLISHERS 33 18 Crowtheraj- 22-4 — - - —

, rUDLianCKO l45 n Da^sonin}, in * 2 HS5 26 56 9.1

305 |-3 Jt75 | 277 351(117) 1S2 83 Dnon (David)... 114 +4 d9.95 0.4 125 -

3B3d -6 10.4 c3.2 8.1^ 4.7 29 17 Ewtysd WraeylC^ 21 18 11,122 024)

183d -6 (104 o3 2 8.1 4.7
90 -2 5.78 18 9.2 (7Jn
94 Ll 3 l8 21 5.8 9-9

94 -1 3.8 21 5.8 9-9 70 34

80 -3 20 — 36 — 85 61 HiddngP'siL....

208 tlLO OLD 7.6 242 49 33 Highams 42 358

238 -2 b7.5. 24 4.9(96) 26 11 IITg«arthM.20p 20 KLO

370 -2 W.S - 24 6.3 (75) 15 7b i Do. A'2Qp 12 KID

3S8d —8 30.0 4 U6 4 31 1? IfngramfHJlftj- 23 -

99 35. 3.0 5.4 85 113 47la|jertmte(Hldgs.)- 00 „... 12.93

85 u25 19 42.17.9 82 43 (Leeds Dyen 82 -.... d35

143 -7 s75 21 75 93 49 29 Lister 31 01

143 d8.0 10 82175 77 44 Lyles(S)20p- #5 -....625-

53 -2 65 0.7 16D 12.4 53 25 hfackay Hugh~ 45 362

29 17 21 18 U>12J0W

30 16 Foster (JornoZI 30 05 -J 20 -

1 11^107
3 122 1 46

K10 171 7.11'

28 I 24 Japan Assets 10p.
208 83 JanSn? Sec. HK55

169 133 Jersey Gen. £1 —

82 68 Jos Holdings

53 37b Jove lira. Inc. lOp

9b 0j Do. Cap-2p

10 2 11 tofplnwaeaos&i..

230 175 Keyoone lm. SOp

174 125 Late View lm.....

85 65 Lanc.ALon.lnv..

162 133 Law Debenture—.
£17 b E15b LazardSUg.Res.lp

48 37 Leda lm. Irrc^Jp

55 39 Do.Cap.5p. —

389 85 Lon. Atlantic

341c 105 Lon. 6 Gat SOp.

163 133 Lndn. & Hplyraod

49 33 Lon.&LetCEnt —

112 85 Lon. & Lomond—

108 831; Lor. & Montrose .

170 124 Lon.&Pnw

117 97 Lon. Prudential ...

81 67 Lon. & S'tjyde —

94 64 London Trust

91 Ti Lowland liw :

251 183 U&G Dual Ire. JO?.
270 295 Do.fc3i.19p— .
104 7B Ifc. 2d Drei Inc. lOp

59 34b D3.Cap.4p.

45 83 Man.6

1D1 92 M3fffiAfc.£Ta£l.

78 65 Meitlrum lm. — ..

651* 47 Mercantile lm —

105b 83 Merchants Tst

62 52b MidWrodlov.Tjt..

87 64 Monks Invest

72 49b (Mom. Boson 20p

19 13 CO. Writs. £1

168 146 MDtugatelny.Tsi...
77 1 56 Moorside Trust...
84 7 602 Murray Caledonian.

79 I 62 Do“B"

75 j 55 Murray Clydesdale-
69 54 Do. 6

151 1II6 Murrav Glendnon..

142 115 Co. ‘S'

99 69l 2 Muirs* Morthn. _.

91 (67 Do. "o' — -

91 66 Murray Western..

89 64 Murray Western B-

525 265 Negrt SASUS1 •

104 100 Ke«A».ln.TsL5!k.
UO 70 New Darien Oil Tsl
22i 2 18 NewTIfrog. Inc_.

236 160 1 Co. Cap. £1

55b 20 ! Do. New Writs. .
149 92 New Tokyo Inv. SOp

93 frl Invest.

144 111 (Nth. Atlantic Sec.!

'122 96 Nth. BriL Canadian.

145 109 American

296 23J Northern Secs
217 56 fow&Asra. Imr-.

75 53 (Subuich Inv. —

173 136 IPefllbnri Inv.

105 80 IPrsriow Meals 7sL.

382 296 IR175DP

166 127 Raeburn

64 40 !ragtas& Iss-Cap .

141 109 iRwer&fjbrc....-

89 -2 h3.0

123 6.1

146 0.5

78 -b 3.0
105 -1 415

285 -2 4.9

114d -b 3.15

64.7 lfl 6.1 i

h3D U 4.B

6.1 ID 6.8

0.5 3-5 05

M2 -{ t077bc 5D
250 +5 1QI0S LW 7.0
75 -1 3 43 11 6.0

41 -1 4.3 Lljl5D

512 +b -

32>z _.... 039 £6 4 3 1

232 103 7.1

132 5-3 3D3 O 3.5

73 1-1 2D3 > LiJ 52

133 * 7.25 i 12] 6.9 :

33d)+l 4.48 ) 0 ] 15.8

43 * — J — J —

W -S 4.75 1 LI 72

219-1 15 LH LB

IS 45.75 UH 5.3

-5 -1 1.9 I Uj 6D

ISO -1 3.B Ui 5.4

205 6£3.76l 5.2

I7D +1 653 na 45

r£b £2 Llj 43

75 ...... 3.5 0.«a 6.7

05 | 435 Li) 73 ,

za7rii+l 21.15 $ 13.9,
247 +1 - — -

27 7.8 Lfll23

07 +2 — — I -

88 Z2Dj O 3.2

75 iT' 125' ~ 1 £a 63

W -b 232 6.0

96 -flj 4.15 Ld 63

23 ML7 — / 41/

76 -1 2.4 I/N 45

58 -1 IDS J 25f 2.6

14 ...... — 1 — ; —

152 t7.3 J LS 6.9

74 +2 h35 U) 65

77 +2 H4.0 O.r 7.4

70 +2 - - -

69 +1 L73 ID 35

62 +3 - — -

134 +1 2 7 U 2.9

127 +1 - - -

iS j LB 65
ID I 0.« 7.4

73 j LcJ 35

IT I 111 II

127 +1

84 155 ! LO 31

73+1 - I - -

£3 T23 LB 4.0

77+2 - I - —

250 -13 Q13s | - 25

2C2

77 -1 - — -

19b 2D L2ll4.fi

215 1+3 - - -

33>2r-b — — —

12S Uf - - -

(70 |-2 67.5 ■ 24 63675) 15 7b > Do. 'A’2Qp— .( 12 KID 1-7H3. 1

B58df-8 300 « LL6f « 31 19 lfngrai»(H.)IOp_ 23 | - — I —

93 L_. 35. 3.0 5.0 85 113 47b[lertwie(Hldgs.}J 80 „... 12.93 2id 5J

85 I u25 L9 A2J17.9 82 43 Leeds Dyers | 82 _.... d35 151 6:

133 ICO Rfcer Plate Drf._

85 1+2 062.9% L015J 6.6 36 j 22 Martin (A.) 20p 23 ZOJ.

303 -3 WH7c — 35) - I 87 58 MHierCF4l0p. 77 . — (f 22

255 -5 105 2 2i 55(115 53 39 Momfort 47 2.0

119 7.0

mo 195 u 9.7 ima

US 63 31 75 53

180 836 3.0 65 57

100 325 45 4.6 57

140d +1 13.0 4 Jt 3.1 7.8

450 +20 f 7.0 57 23 ZLl

160 -5 612D 15112 7.7

39 -2 125 2l| 92 8.0

I 9.7 (HD 202 19b Morton Bros 10p 24b +b — — — 77

75 53 151 103 Notts. Manfg — 132 -1 14D 34 43 81

65 57 91 47 Non Jersey 2Qp- 77 195 3.<t 8.4 3.9

45 57 51 33 Parkland rA’— 37 3.7 03143 —

3.1 7.1 U 4 PWdesWOACD. 7 ...... — —

Z31L1 6 lb Eli. 'A'NVlOp... 4 +b — —

112 7.7 M 10 Radley Fashion. 10i* . — — — —

PAPER, PRINTING
ADVERTISING

I.DlIOPo— 21 t025 — 1.7 —

5U -2 2-4 * 67 *

32 fUt 27 i SO

30b +b B-

48 ._... f3D 25 8.9K49)
38 ...... d4.03 - 5.91 -

82 -1 d4JB — 7.0 -

158 ..... 1773 31 65 6.6

32 -2 33 0514.7 (3UJ

32 -1 2.13 24 95 H

350 65 29 67 7.4

97j 8.0 26 16b Reliance KrttZipl 154 05i 8.6 (3D

24 10 a Richards lOp— 25d -1 1.45 * 135 $

82 60 S.£E.T.20p_. 75 — 3D 6D 55 3D

27b 23 Scott Robertson 25 — *153 - i —

30 13 SekersInL ICp. 15 -1 m0.1 — 0.9 —

18 IB Shaw & Kanin Kip. ID — — _ -

H T 31b 16 Saw Capets Ifti. U}s +b *20 — i —

X | -7*7 AM

*•1^ it

• 01 I 25 14

95 55 Small ATIdmas 65 *3.0

25 14 SmaUstawR-lOp. 20d +1 175

67b E So. Vodsa L12X) • 27b - —

29 16 Spencer (Geo.). S +1 *05

10b 6 Stewart Kaun_ 30# -

55 18b Sliriing Grp.20p. 54 -1 ttrO-6

iS 3.71 3 M 92

13b Stoddard A*_l. L» 2 -1 - - -

22b Stroud RdgrDr'd 523 +lb thl5 59 4.l) 65

£ — S?% 45U3 ?! ® K ISwm'ttirtey. 25*1-2 "&S- 245-

| =® * « » ^ a-SSBKt u & 5. UiSI

MO . — 25 ID 26 pn 75 T—ta, - Lu Ptt hi ? mp n»M

£38%|RDfceco(Br.)F50.-,
383 1 Do. Stih.Sh's r!5 1

506 3B Do. Suq.SJ: s ri5
£54b £38b Rolincd NV FUO..
541 380 Co. Sub. £h's Fla-

140 102 Romney Trust —
69 52 Rnsedi moral lilt—

166 108 Do. Cap

112 90 Safeguard Ind —

169 1371 Jt SL Andrew Tst....
159 11B [ScotAfli. Inv.SQp-
302 228 [Scot- Cities 'A' —

89 66 Sot. East, lm

158 117 jScottish Inv

242 168 Scot & MercA—.
184 135 ScolMotlATsl
115 « ,'ScoL Katrinal —

119 BO Scot, northern —

93 69 Scst.Onario

6B 45 Scot. UK. Inv. —
247 197 Sec. Alliance TsL
121 93 Securities T.Sc._

750 575 SetaSfiWi[n*.SUS5-
156 120 Shires lnv.50p—

169 135 Sphere Inv

21 2 *152 SPLIT Jnc. lOp —
127 185 SPLIT Cap. life..

SO 1161 Sterling Tst

37 1 27 Smart EmlmrKb.
123 | 95 STvUien Far East Sl_l
179 127 StocJdatders lav..

175 130 [Technology

135 103 [Temple Bor

29 22b Throg. Growth

151 113 Do. Cap.EI

1202 92 Throgmorton

111 96 Tor. invest. Inc.—

203 135 Do. Cap.

92 67 Tram. Oceanic

112 82 Tribune Invest —

86 - 65b TrolevesUncJOp

(S -1 j 4.4 ) Hr 7.4
IrQ. -2 H2.75* — 1 25
111 +4 48 1 UI 65

234 ...J 55 LC 5.3
254 ...... 44 J Hi 2.4

a ;i a dti

326 -2 t!35 Lfil 5.4
2Sbd .....1 6.9 U { 6 J

54 • iW9 J-J 05

131 i H7J ) ISA 8 2

120 +2 i 6525 tJ 63

£43 +b !K4«J LR 35
M3 +3 e<«.J Iff, 35
127 -1 4.4 | 1C^ 5.0

® 65 }l4l7-5

^ !-i 55 j It; do

l;- 0 ;+l ( 153 I 11 55

lfe -3 , 140 . LO, 40

252 +2 (215 ( 13. 65

80 [-2 1 1325 LI 55

134 4.6 1® 4.9

ZC6 +2 gllO L0 8.0
Zb* +1 53 lffl 46

137 63.43 O 45

07 345 IS 5.1

86 -1 315 ‘ IJ 52

55 -1 rtil53( 13 4D
238 -1 9.15 Llj 55

LOJ 4.9 ( lfl 6.4

125 +l" S 2 J 3l3D
151 +1 6.S | lfl 5.6

154 F155 0 141

233+5 - - -

235 +4 69.5 * 64

33 +1 20 2 0.9

129b - - 1 -

3C1 -J * LO IP 3.8
162 43 121 35

117 Ul ! 7.7 lffl 92

23b +b 258 0.71 2.9

127 +1 — - -

21 *lb — — — - “ » *

m -20 140 21 53 14.0

64 . — 625 2J S6 12.7

71 355 27 7.9 6.7

13 01 7.6 05 235 390 pOT

332 -1 &0 23 8.7 [5J] 77 52b

22 — — — — 86 J 38

475 +15 20.0 ' 24 6D 95

330 ...„ 1h3D 3i 33 120

+b 05156 - 4.9 - T R

365 Z.7 6.0 * 24 *

« +1 7.0 L91D.B 75

73 -3 iffiUK 23 7J 81 jggma

33 -1 OJL 118 05135 u|J>

56 ...... 407 25105 46 ,

IB +2 U.44 - t - 1«

105 ■ +3 46D — * — 57

132 -2 fe25 3.7 <d 7.1 U4

10 ..... -05 — 7jj — 283

PERTY ig

88

196 -2
264, -4,

84 +1
130 .....

-b

122
326
334
336
Z78
186

TOBACCOS

90 1230 I BAT In* 380 (-10 1 119.0 1 3fl LUMfl

77 52b Imperial 77 +lb 7.25 I 18 13.3 (BD

86 I 38 (Rothmans 121*. 77 |-b i 1305 | 3.7 J 65«43)

TRUSTS, FINANCE, LAND

Investment Trusts

hJT^UwI Stock | Price | + -"1 |cv|K

86- 65i2tTrplevesi.lnc50p
416 269 Do. Capital U ..

85 65 Trust Union

70 2 53 TrusteesCorp —
372 140 UttL Brit. Secs—

116 87 US Deb. Corp

303 229 U.S.& General TsL
124 68 Viking Resources.

97 76 W.CGL&TexaslOp-

208 125 ttWetsHIni.lm.
384 32S Wemyss lm. £1..
81 50 Winterbottom5p.

802 61 Wnan lm —

134 104 Yeoman lm.

-40 24 Vorks.* Lancs...

135 (112 (YaupgCa'sInvJll.

223 6.0 LC 7.4

3C3 1 9.1 lfl 125

173 +1 0.91 | 12 05

K -1 25 <5 44

133 27 L4 3.7

67 7.1 L3Z5.1

M3 +3 - — -

82 -1 3.05 LL 5.3

741 2 -b 2-95 lfl 5.7

2S6 -J 7.0 C.9f 50

112 -1 555 L0| 7.1

2C3 +1 0115 #1 5.6

83 +1 ta£6 lfl U

93 -1 13 LS 21

3^ ”7- 20D lfl 76

6M -b O.o5 * 15

73 -f t2CS id 41

223 ...... hS33 lfl 7.4

29 -I 23 53205

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127 68

103 68

510 330
65 41

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230 1165
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uamDooars£l.| 235 [ 1 6.0

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420 370 Lawrie Plana Q. 305 -5 20D

373 225 McLeod RtsselQ.. 372 -3 tB^

153 133 Sj.a4pcCbtPtl99MZ W1 -1 8.4%

295 250 MoraiU— ~ 285 — 50

215 275 Williamson £1 — 215 — 125

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450 1355 ILuniuaCl \ 408 | — | *ZUD |

«b-b 245 m 57 MINES

6 -2 7.0 Cfl 6.0 n - 1 ivj

2 -1 53 s id 7.2 Central Rand - .

3 5 § Cl 4 >b [ 632 Durban Deep Rl.. I 755 +7 I Q185c ( 4> 13.0

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129 31 Cdns. Mockrtem 5c.

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86B 492 Kinross Rl
169 91 Leslie 65c.

240 99 Marievale R02S

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169 76b Vtokfantein70c

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025c « 9.7
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updated no bait-yearly figures. P/Es are eataAMed on “na,
dbtribuiion basis, earnings per share being coopuM on profit afiw
taxation and unrelieved ACT where apolicaWe: bracketed figure*
Indicate 10 per cent or more diKerence if calcinated on “nU"
ifistritocion. Covers are based on “naximum" myribunm; Has
compares gross dividend costs ta profit after taxation, excluding
exceptional profitsflosses tor: bdodtog estiraaied extent of offsetUbfe
ACT. Yields are based on middle prices, are gross, adjusted to ACT of
30 per cent and allow for value of declared distri b ut i on and r&tfs.

• ‘•Tap" Snyfc,

• Highs and Lows marked thus have been adjusted to allow for rights
Issues lor cash.

t Interim since increased or resumed.

• Interim state reduced, passed or deferred.

1* Tax-free to non-residens on appfieaum.

4 Figures or report awaited.

+ USMt not fisted on Stock Exchange and company not subjected to
same degree oT regulation as listed securities.
ft Deal: In under Rule X63(2L'a); not fared on any Stock Exchange
and rot subject ta any l-aing requirwnetss.

r Debit In under RuL* 163(3}.

Price at teae of suspension.

9 InScated dMdend after pending scrip and/or rights Issue: cover
retaes in previous <E widen! or forecast.

6 Merger bid or reorganisation in progress,
h Not comparable.

Sane Interim: reduced final and/or reduced earnings indicated.
Forecast dividend: cover on earnings updated by latest Interim
statement.

I Cowr allows tor conversion of shares w now ranking tor ffirideods
or ratting only tor rutrieed dhrtfcid.
ft Cover does not allow tor shares which may abo rat* Cor dMdend at
a future ttote. No P/E ratio usually provided,
fl Ho par value.

4$ YieM based on assumption Treasury Bill Rate slays unchanged wall
maturity ol stock, fit Available only 10 UK pension schemes and
insurance companies enwwl i" pension business, a Tax free,
b Figtees based on prospectus or other official estimate, c Ceos.
C Dividend raie paid or payable on part of capital; cowr based on
dividend on full capital. « Redemptcn yWd. f Flat yield. B Assumed
dvfctend and yield, h Assumed d/wcend and yirld after sc/ip osue.
j Payment from capnal sources, k Kec*a- ra interim higher man
previous ratal, n Rights issue pemUns. Q Earrwxa based on preliminary
flgurev s Dritdeud and yield exclude a special payment, t Indicated
dividend: cover relates to previous dividend, P/E ratio based on latest
arena earnings- 0 Forecast dividend: cowr based on previous year’s
earnings.* Tax free up to 30? in the L y Dividend and yield based on
merger terms, z Dividend and yield include a special payment: Cowr
does not apply 10 special payment. A Net dividend and yield.

tender price, F Kv*a*od and yield based onprospeetus or oiher official
estimates for 1981 -GZ. £ Assumed dividend and yield after pentfing
senp and/or rights issue. H Dnridend and yield based onprospeetus or
Other official estimates tor 1982. K Figures based on prospectus or
other official mommes tor 1951-82. H Dividend and yield based on
prospectus or other official estimates for 1983. N Dividend and yield
based on prospectus or other official estimates far 1981. P Figures
based oo prospectus or other official estimates for 1982. U Gross.
T Figures assumed. 2 Dividend total to date.

Abbreviations: id ex tfvriwxfc x ex scrip issue: v ex righto; a ex
all: 1* ex capital tisinbuMa.

332
58
157
68
180
154

»■
173
81
16
148
625
99

384
85

263
85
71
202
184
£200
53

385
CTn

209

225
470

226
038
£94

230 (-3
216 -7

228 +3
41 1
64

34

^stannah

^*^*L!FTS ieadthev&v

tfent-Axs@

Watt Close - East Portway - Andover
Hampshire SP103SD- Tel: 026464311

Tuesday January 26 1982

SUN URGED TO DELIVER AT KINGS CROSS

BR seeks to test blacking decision

BRITISH RAIL last night
risked raising still further the
temperature of the iacreas-
ing iy-hitter train drivers’
dispute. BR immediately
sought to test yesterday’s deci-
sion by staff at Kings Cross
station in London to continue
blacking newspapers published
by the News International
group.

BR requested News Inter-
national to ny to place blacked
copies of the Sun on their
normal distribution trains from
the station. The request
prompted speculation that the
BR Board was seeking to
identify drivers, guards and
station staff carrying out the
blacking - in- order to bring
against them some form of
disciplinary action — possibly
even suspension from duty.

Even .though the blacking is
unofficial, widespread protest
might well follow any disci-

Legal managers of News
International were last night
still consulting counsel about
whether to seek injunctions
against BR staff blacking its

newspapers.

Any injunction, like tbe one
sought by tbe group in the
High Court on Sunday, would
be based on tbe common law
provision that a breach ot
contract cannot be induced by
a union or trade unionists
unless it is in contemplation
or furtherance of a trade
dispute.

Whitehall officials believe
the trade dispute between BR
and Aslef would not cover the
blacking of News Inter-
national’s titles, and that
therefore the workers have no
legal immunity against being
sued In tort for damages.

Tbe problem with injunc-
tions in unofficial industrial
action is that they have to be
served on named people. With.
300 staff involved, lawyers
were considering whether this
is practical.

BR’s decision, therefore, to
ask the group — publishers of
the Sun, The Times, the Sunday
Times and the News of the
World — to take copies of the
Sun to the 22.45 and 23.00

trains from Kings Cross last

_____ __ _ night Is hound to be seen by

plinaiy action seen as harsh by train drivers as provocative,
the Associated Society of Loco- The groups tiGes were
motive Engineers and Firemen, blacked by workers at the

station last week following an

Since the blacking of its titles
began. News International has
not ' bothered to even send
papers to Kings Cross, hut has
sent them by road for distribu-
tion in areas affected by the
blacking.

article in the Sun alleging
widespread abuse of BR’s
rostering system. At the heart
of the current BR-Aslef dispute
is BR’s efforts to introduce a
more efficient system of flexible

rostering.

BR’s action followed a
decision earlier yesterday by a
mass meeting of about 300
woriters at the station to con-
tinue the blacking, despite a
court appearance the previous
day by two of their union
leaders.

The two officials, Mr Steve
Forey, Aslef branch secretary,
and Mr Dennis CadywouM,
branch committee chairman,
gave an undertaking to the
High Court on Sunday that they
would ask the Kings Cross
workers to lift the blacking.

Both requested yesterday’s

mass meeting to do so, to the
satisfaction of Mr Michael
Baker. BR’s chief solicitor, who
attended as an observer. After
they left the meeting, though,
workers overwhelmingly de-
cided to maintain the blacking,
with only five staff understood
to vote against the decision.

Following the meeting News
International was considering
whether to seek an injunction
to try to get the blacking lifted.

British Rail yesterday opened
an inquiry into the allegations
of tbe two drivers on which the
article in the Sun was based,
but it was adjourned for several
days and the two men
suspended on full jpay. Mr
Teddy Taylor, MP for Southend
East, is to seek a statement on.
the blacking from Mr John
Biffen, Trade Secretary, and Mr
Norman Tetobit, Employment
Secretary.

Officials of the Advisory,
Conciliation and Arbitration
Service made informal contact
with BR and Aslef yesterday,
but no talks were set up. It
still seems there will be no
quid?: move towards the estab-
lishment of a committee of
inquiry following the collapse
of efforts to get the dispute to
arbitration.

Lloyds set

to buy

Bowmaker

By William Hall,
Banking Correspondent

LLOYDS AND SCOTTISH,
Lloyds Bank's finance house, is
expected to announce today the
acquisition of Bowmaker,
Britain's last big independent
finance house, in a deal worth
about £80 tt.

iWth over 100 offices through-
out the UK and Eire, Bowmaker
is regarded as one of the
country's best-run finance
houses an d there has been con-
siderable speculation as to who
would eventually talke it over
following last October’s an-
nouncement that it was up for
financial institutions, mainly
foreign, were believed to be
interested.

Established in 1927, Bow-
maker bought by C. T. Bowring,
the. insurance brokers, for
£34.6ra in 1969. after a fierce
takeover battle with First
National Finance Corporation.

In 1980, C. T. Bowring was
taken over by Marsh &
McLennan, one of the world’s
largest firms of insurance
brokers, and the decision was
taken to sell Bowmaker.

It was felt that its long-term
prospects would be enhanced by
its sale to a group to whose
mainstream activity it was more
closely allied.

Bowmaker was the last big
UK finance house not to be
owned by a High Street Bank.
Lloyds and Scottish lost its
independence last year follow-
ing a bid from Lloyds Bank.

The Royal Bank of Scotland
Group, once thought to be in
the running for Bowmaker, still
owns 40 per cent of Lloyds and
Scottish, which Lloyds Bank is
anxious to buy.

Bowmaker’s profits peaked at
£12.5m in 1978 and last year it
made £4.9m. Its net worth at
June 30, 1981 was £54.9m and
it also had £48. lm of deferred
tax in its balance sheet.

Toyota

merges

groups

By Richard Hanson in Tokyo

TOYOTA MOTOR COMPANY.
Japan’s biggest motor group,
announced yesterday that it will
merge fully with Toyota Motor
Sales, its marketing arm, on
July L

The merger, which will end
more than 30 years ofi
separation, is intended to bring
about a more “integrated and
flexible” development of the
group's production and sales
functions. Toyota as especially
concerned to improve its over-
seas marketing strategy at a
time of fiercer competition and
growing protectionism.

Toyota Motor Sales (TMS)
was set up in 1950 to concen-
trate exclusively on distribution
and sales of Toyota vehicles as
part. of a plan drawn up by the
group's banks to help it out of
serious recession.

The decision to merge was
made following the appoint-
ment last July of Mr Shoichiro
Toyota, formerly a vice-presi-
dent at the production company,
as president of Toyota Motor
Sales in Tokyo. His older
cousin.- Mr Eiji Toyoda. is
president of the parent produc-
tion company.

Under the agreement of
Intent signed yesterday by the
two . presidents. TMS will be
absorbed on an “equal” basis'
into a newly capitalised Toyota
Motor Company.

The 5,161 employees In the
sales company win join the new
Toyota Motor Company, which
has 48,757 employees.

GLC rate may go np 144%

BY ROBIN PAULEY

THE Greater London Council
portion of London rate bills far
1982-83 could increase by as
much as 144 per cent this
spring, according to a range of
expenditure options to be pre-
sented to councillors next week.

Londoners in a growing pro-
portion of the 32 boroughs are
also likely to have to pa ya
borough-rate increase well in
excess of <the current rate of in-
flation. They receive one rate
bill for the combined GLC and
borough rates.

The GLC budget options have
been complicated by the Law
Lords ruling which caused it he
scrapping of the cheep fares
policy on London Transport for
whose budget the GLC is
responsible.

A recommendation on the
1982-83 GLC rate wil lbe made
on February 16.

Part of the reason for. the
possibly large rise in the GLC

rate is a list of unspecified new
projects. These will add another
S per cent to rate bills if only
high - priority measures are
accepted, and 34 per cent if
high, medium and low priorities
are accepted.

Ail the calculations are based
on the original 1981-82 rate of
18.2p. The later supplementary
rate of 11.9p was declared
illegal by the Law Lords. The
few people who paid it are
receiving' refunds or credit-
notes.

A confidential GLC policy
committee document shows that
if 1981-82 polices, which in-
cluded subsidies to London
Transport, had been continued
into next year and only;
adjusted for inflation, a gross
GLC rate of 41.2p would have
been needed to finance expendi-
ture of £781m Provision of
£353m (or a rate of 18.6p) for
payments to London Transport

Executive now, however, has
been subtracted because of the
Lords ruling.

The council has decided to
approve subsidies to the LTE of
£84m for calendar 1982, £63 m
(3.3p rate) of which will fall
into the financial year 1982-83.

Another £12m arising mainly
from interest on capital pro-
grammes must be taken into
account, bringing basic expendi-
ture to £503xn (or a rate of

26Jjp).

Various government grants
would reduce this to an
effective rate for the ratepayer
of 17.8p or 2 per cent less than
last year.

The paper also examines,
however, the impact of un-
specified high, medium and
low priority new spending
plans.

High priority plans costing
£23m push the rate after grants
up to 19.7p (8 per cent up on
1981-82).

RTZ wins
control
of Ward
company

By Duncan Campb ell-Smith

Bums optimistic on economy

BY MAX WILKINSON, ECONOMICS CORRESPONDENT

THE TREASURY is cautiously
optimistic that the prospect for
the UK economy this year may
be better than appeared when
it published its forecast on Dec-
ember.

At that time it forecast a
modest increase in output of 1
per cent. Yesterday, Mr Terry
Burns, chief economic adviser
to the Treasury, said: “There
may be a greater chance of this
being exceeded than of the
economy falling short of. it”

His remarks, made to an
Industrial Society Special Con-
ference in London yesterday,
came in the context of a
moderately encouraging review
of the UKs recent perfor-
mance. At present the Treasury
is preparing its private pre-
Budget projections.

He said considerable progress
had been made in reducing the
rate of inflation and of the

growth of the national income
in money terms (money GDP).

“The growth in money GDP
is down to about 10 per cent a
year from nearly 20 per cent in
1979-SO and tbe rate of inflation
has roughly halved since the
spring of 1980.”

However, Mr Burns said a
large part of the burden of
reducing inflation had fallen on
output and this had been caused
by the excessive rise in wages
during tbe Government's first
18 months in office.

For the longer term he
emphasised that real recovery
was most likely to be brought
about by a further reduction in
inflation and costs.

There was, he said, only a
limited amount the Government
could do to promote improved
economic conditions which
would result from lower rates
of inflation.

“ They largely depend on how
industry and wage bargainers
react The Government's posi-
tion is that it must maintain
a disciplined financial frame-
work which will be consistent
with a further reduction in
inflation.”

.He made it clear he did not
favour any substantial injection
of money demand into the
economy when he said the cur-
rent growth of money GDP at
10 to 11 per cent a year was
enough to support a satisfactory
recovery, provided it was not
wholly absorbed in higher
inflation.

In the -current year. Mr
Burns expected the downward
path of inflation to tbe resumed,
some recovery of profit margins
and a “ useful growth ” of pri-
vate sector investment.

Feature, Page 18

Fleming rethinks reorganisation

BY ROSEMARY BURR

ROBERT FLEMING Investment
Management ds reconsidering its
proposed reorganisation of 13
investment trusts because in-
stitutional shareholders' believe
it does not go far enough.

Tbe proposals, made in
December, had been designed
to reduce the difference
(discount) between an invest-
ment trust’s share price and its
net asset value. Investment
trusts are quoted companies
which run investment portfolios.

Lord Mark Fitzalan Howard,
a Fleming director, said : “ We
are rethinking the proposals,
but tbe whole plan has not been
aborted." He declined to say
how many trusts were involved

in tbe latest reappraisal, but
suggested that more specialisa-
tion might be necessary in cer-
tain cases.

On the whole specialised
trusts have proved more attrac-
tive to investors than general
middle of the road trusts.

The original proposals in-
volved the merger of certain
trusts an da switch in invest-
ment policy for others.

But is became apparent last
week that institutions were
looking for am ore radical solu-
tion. One major shareholders,
London and Manchester Assur-
ance. increased its stake in
Fleming’s United States and
General Trust, -which has assets

of £30m/ to block Fleming’s
move.

Mr Ian Henderson, a director
of London and Manchester, said
yesterday “my first aim is
unitisaLion or liquidation of the
trust.” Unitisation occurs when
an investment trust is turned
into a unit trust which means
individual holdings are priced
according to the trust's net asset
value rather than by supply and
demand for the company*^
shares.

Under the original proposals.
United States and General was
to be merged with two other
Fleming trusts and the funds
were to be invested solely in
the UK.

U.S. markets

Continued from Page 1

It dosed in- London at Y229.25
to the dollar against Friday’s
Y227.

by early afternoon. Mr Paul Volcker, chairman of

In the credit markets, interest the Federal Reserve, vesterday
rates were broadly higher, with made dear his continued com-
Sterling fared better against the key Fed funds or interbank mitment to restrictive monetary
Continental currencies, rising to rate jumping sharply to 15 per policy, but said it was up to the

cent at one stage from 13.50 ~ * ' ~

DM 4JJ3S0 from DM 4.3250 but
falling to SwFr 3.4650 from
SwFr 3.4725. Its trade-weighted
index dropped to 90.7, only
slightly below Friday’s dose of
90.9.

Wall ' Street’s financial mar-
kets weakened when trading
opened yesterday, demonstrat-
ing dismay at the increase in
the U.S. money supply which
was announced on Friday after-
noon.

Share prices, fell sharply.

per cent on Friday. The Federal
Reserve did. however, supply
reserves to the banking system
in late morning to ease some
upward pressure.

Traders said that banks
appeared to be bidding more
aggressively for funds because
of fears about how the Fed will
respond to the alarming
behaviour of the money supply.
There were widespread expecta-
tions of an increase in the Fed's

pulling the Dow Jones Indus- discount rate from the present
trial Average down by 7 points 12 per cent

Government and Congress to
cut “ excessive deficits ” to
release credit for business as the
economy recovers.

Mr Volcker .Maimed the U.S.
was “turning the comer” in
its fight against inflation, but
that it Was tOO SOOIl tO plaint
victory. He was speaking at a
convention of home builders in
Las Vegas.

In London, three-month Euro-
dollar interest rates jumped
more than a percentage point
to 155 per cent from 143 per
cent on Friday,

RIO TINTO-ZINC, the mining
group with substantial build-
ing products and engineering
interests, has won control of
Thus. W. Ward, the Indus-
trial holding company, after
a protracted takeover battle.

The purchase of Ward, for
just over £125m, takes RTZ
half-way toward its declared
goal of establishing itself as
a major force in the UK
cement market. Ward owns.
42 per cent .of Tunnel Hold-
ings, for which RTZ hopes to
make a recommended bid
shortly.

Sir Alistair Frame, RTZ’s
gTiip-F executive, telephoned
Mr Peter Frost Ward’s chair-
man, just after 5 pm to say
that RTZ’s gradual accumula-
tion of Ward shares in the
market together with hid
acceptances from Ward share -
holders, had taken RTZ’s
holding over 59 per eent

Sir Alistair said it had been
“a tough fight” hut he was
looking forward to “friendly
and relaxed ” discussions with.
Hr Frost in the nest couple
of days. Mr Frost said he had
no regrets about the conduct
of Ward's defence. -He was.
disappointed at its outcome,
but felt “ quite excited about
the future.” '

Where this will take Mr
Frost is still unclear, and
most await the outcome of
RTZ’s talks with Tunnel. Sir
Alistair said he certainly
hoped to see Mr Frost fully
involved in any future group-
ing of the two companies.

Ward and Tunnel together
control just over 20 per cent
of the UK cement market As
a combined operation they
would be second only to Blue
Circle Industries among the
leading competitors.

In 1980, RTZ had pretax
UK profits of £3 9m on sales
of £670m. with a workforce
of about 12,000. Ward and
Tunnel, with 10,000 work-
force, would have added pre-
tax profits of about £40 m.

Bringing the two companies
this far toward an amalgama-
tion has not been easy for
RTZ.

It acquired nearly 9 per
cent of Tunnel last June, thus
barring a takeover by Ward
itself. BTZ’s bid for Ward
was launched with, a stock
market “ dawa raid ” on
November 20.

Mr Derek Birkin, Tunnel’s
chairman, said last night that
he was awaiting RTZ’s
approach. His board had sup-
ported RTZ by declaring
before Christmas that an RTZ
bid would not be unwelcome,
though no price has been
discussed.

RTZ's bid has been made
unconditional, pre-empting a
difficult decision which would
otherwise have been, faced by
a number of institutional
shareholders this morhing, the
last day for acceptances. Pru-
dential Assurance and M & G
un it trust group together hold
20 per eent of Ward -and had
yet to make up their minds
whether to accept RTZ’s offer.

UK TODAY

SUNNY intervals and showers.

London, SJ3 England, E. Anglia
Cloudy with outbreaks of
rain at first becoming
brighter. Max 10C (5QF).

Midlands, S.W., N.W.,

N.F... England, Wales, Borders
Sunny intervals and showers.
Max 9C (48F).

Best of Scotland, N. Ireland
Cloudy with outbreaks of
rain. Max 7C (45F).

Outlook
Wintry showers, particularly
in the North end East.

WORLDWIDE

Ajaftclo

S

Y’day
midday
"C *F
11 52

C Ang.t C

Y’day
midday
•C *F
10 50

Alaiara

F

13

55

Luxmbg. Fg

|— z

28

Amsdin. R

a

37

Luxor C

18

64

Athens

C

10

50

Madrid S

14

57

Bahrain

—

—

Majorca F

12

54

Barclna.

s

13

55

Malaga S

.18

64

Beirut

— .

mw—

Malta C

13

55

Belfast

c

9

48

Mchstr. R

9

48

Belgrd* ■

Sn

-2

28

Melbne.

—

—

Berlin

C

1

34

M<. C.t

—

—

Biarntz

R

9

48

Miamit F

15

59

Bmghm.

F

11

52

Milan Fp

1

34

BlacV.p'l

R

7

45

Montrlt r-£3

-9

Bordx.

R

5

41

Moscow S

—o

18

Boulgn.

Fa

5

41

Munich C

0

32

Bnstal

c

9,

48

Nairobi S

28

82

Brussels

R

2

38

Naples C

9

48

Budpst

C

-2

28

Nassau

—

Cairo

_

Nwcnl. C

11

52

Cardiff

c

a

46

N Vqrht F-IO

14

Casbca.

s

17

63

Nice S

12

54

Cape T.

s

22

72

Nicosia F

18

64

Chicg.: !

Sn— 17

1

Oporto S

12

54

Cologne

C

2

38

Oslo C

-5

23

Cpnhgn,

c

1

34

Paris R

2

36

Corfu

c

13

55

Perth S

26

79

Convert

—

Prague C

0

32

Dublin

C

10

50

Ryltjvk. C

3

37

Dbnmk.

s

10

50

Rhodes F

16

61

Ednbgh.

c

10

so

Rio J'et

—

“

Fare

s

17

63

Rome C
Salzb'rn C

11

52

Rorence

F

9

48

1

34

Frank Ft

Fs

-2

28

S'ciscot F

6

43

Funchal

F

17

63

S. M'ritz

—

Geneva

C

3

37

Sipgapr.

—

Gibrlir.

S

19

68

S'tiagot

—

28

Glasg'w

R

9

48

Stckhm. C

-2

G'rnsey

Ftf

9

48

Strosb'g F

15

56

Helsinki

Sn'

-5

23

Sydney

“ 1

- ■

H. Kong

F

2*

75

Tanfliar

—

—

Innabr'k

F

1

34

Tol Aviv C

16

61

InvmH.

F

11

52

Tenerile ^

20

68

I.o. Man

C

9

48

Tokyo S

9

48

Istanbul

R

G

43

Tor'ntot C-*i»

1

Jersey

R

10

50

Turns C

11

52

Jo'burg

P

26

79

Valencia F

18

64

L- PlmS/

F

19

66

Venice F

5

41

Lisbon

S

13

55

Vienna C

O

32 :

Locarno

s

3

37

Warsaw C -1

30

London

c

10

SO

Zurich C

O

32

THE LEX GOLXJMN

The level reached by the gilt-
edged market last Friday even-
ing assumed that the U.S. money
supply figures would be satis-
factory. Yesterday poor figures
from New. York were quickly
translated into a 1} point fan in
bath long and short bonds in
London, but the market steadied
in the afternoon, thanks to
money market interventions by
the Bank of England at an un-
changed, rate and an excellent
set of trade figures.

Rank

The Rank Organisation has
confounded its critics for once.
Yesterday’s sharp jump in the
share price— it dosed. 16p
higher at 190p— can be ascribed
partly to the adoption of the
new Ui>. currency accounting
standard for Rank Xerox and
partly to a cheerful swan-song
statement from the chairman.
But the underlying performance .
m the year to October is also
healthier than expected. Profits
are down only 6 per cent to
£102Bm pre-tax.

The Ranx Xerox contribution
has benefited . from ail 4he
swings and roundabouts of .the
new foreign currency conven-
tion and looks £15m better than
ft would have done under tiie
old rules.

There has been a small under-
lying gain in Rank Xerox trad-
ing profits, which is an impres-
sive achievement given the
price competition at the lower
end of the copier market and
the slower g r o w t h in copy
volume. Rank Xerox has'
managed roughly to hold the
balance between sates and
rentals, so the depreciation
charge is not running away, and
new products are now coming
on to tbe market. Moreover, the
recent appreciation of the. yen
has at last put the margins of
the Japanese producers under
pressure and allowed Rank to
push up its selling prices.

The non-Xerox performance
is also a lHtle ahead of fore-
casts though Rank is still work-
ing to reassure the city about
the quality of its earnings. The
industrial division, which bore
the brunt of the £2J2m of reor-
gansation costs, was heavily In
loss and Rank appears to have
misjudged the severity of the
downturn in' The holiday in-
dustry. So tbe slight improve-
ment in trading profits must
be due principally to .the
property business. • -

Disposals and closures alone
should lift the non -Xerox in-
terests in the current year and
the balance sheet is. now strong
enough to .absorb any further
write offs without difficulty. A
revaluation of properties has
helped to push up net worth
by 15 per cent to £565m and net

itbe propos^d es&p/e tat a full,'",
Lldexfoll*) ..‘to* charge at' price of/. .

10 loop, ^(with , Rowntree.. shares-,-;

; ''-dawri'12p'to-154pV is'20 times
r :_ dr-snore, blit the share&,,jup- 3p
- : tb’ : Ulp yesterday,-- are.cortfl-
deritfjr lookinff^or more*' witth
-.7 or without ia '.eounterSd.-
- .The defence will digue tiiat
H and P is-faaif way through a
. programme restttwteriag,

. and that its: brands And market i ; v
j. . shares - in biscuit^' and snacks
L' sure worth a big goodwill ele-
ment over the tangible assets
7 of U<& a share". . . J; r . ' .

' . r Rowntree shareholder ‘ might

take* dini view of "paying much

' hbo v e the - pres en t bidpVere In.
i the .last . six years vthey^' hare “
supported three rights issues to
finance investments, ‘■Qnchras fhe .-
push - into EuropeanrVconfeo-
tkraery markets^ which nave yet :

■ to .produce retains. i_They are
mow jyping adred
tion' aM' further caidlaL' com-
mitments. A" rights^ issue . in
1983- to fund' rationalisation
cofits at -H and P WDul&'jjo down .

-s’-
'4 * T .‘

&

0 P f

debt is roughly 1 maintained,
after adverse currency move-
ments, at £l9Izn. But. with- the.

.shares . yielding S.4 per rcent.

Rank still needs to make those- ■ very badly mdeed-
assets sweat. .-u ■

Bandah/Cro^

• ’ Btuaaah. is. not gqtog -.to win
control •' of Croda ^.wittr - its p

■ ” ' '<of» T> •

Biscuit bid

With- the' floodwaters at the

Ouse lapping . _round ‘ : ihar Present £TOm bid. eTO tJmugh
corporate headquarters, , Rown- the ,teram_io p k : qalte g ood rela-
tree Mackintosh’s directors have . 1 ,r°5 "*? , the^garaet

had an exceJIfent opportunity "fbt; capitahsation bef ore jf^offer
strategic thinking. The result, of:

tfris- — rather to tibe. City’s siar- Yesterday s . defence docum ent
priro-rfe to.pnri-fhe reports 'a ■fair • measure, of.

company’s • avuncular - relation- profits recovery last year, from
ship with Huntley 'and Palmer - ’97.4 m -to £10. lm -.-pretax.:. and

(MU li!T- T>. . fumim • tfl

:1(8S &

the 'Short told- mednim Term.
MpBt : -bf r ; bet ‘ yearns; upturn
rt-emmed^ fronr-a fall, tn finance
costs, worth about ,£2m, and
from toss ^redaction of £1 or
more. Lai^e parts of Ifce group
were still .inaldng very * poor

j«3Sd

by making afnH KcTltowiStteera dividend ; ur.by a

failure to ■; .establish '-a .befrcfi- ififthi leaving a- yield of- 7.7 per -

head in tiie-UA,, ‘as it intended ' at bid -price. • i.

at the; time of lasti April's £43ni - . there as] clear- scope for
rights -.issue; must have nodged
it in Huntley^ cBreetsqn, and
the sight of Affled-Lyons sniff- ,
ing around seems, to have been,
decisive; • }■■■_

. The ‘ move - is not- bedng pre
seuted as deferisiver RowiLtrefi’s
-grocery ambitions Thare been

l :

L.-

smouldering" for years, and it ' : returns, like the old MMland-
seems to have ' cohduded^that • Yorkshire bustoeGS^^ith; sales

of maybe £45mJ .. .-.-t. “ ■

Towartls'toej'end^offtie year,
hovrever.-tocre-'vrere tigns of a

to

r T>

V-’ l n

r-v :«r

H and P required a 'big-injecr/-
tion of outside; capital ' from;
somewhere ; : .rts ’ ^(tending . on

capital account, relative ', to . better trend in demand. Croda
sales,' “has been magh^ ^ half . made £6m hi the second half
the-. Rowntree orUnitrxL Biscuits 1 of- 1981, which forms a base
leveL The cash cost of taking for this year’s projections,
it .over and gettingr tinit' costs_; -

down will far; exceed the £27*n, -reveals ; coyly^that some: months
cash dement of the bid. J L '.-before, th^ Bunhafa bid it had ; • .

; The Office <rf L Fair Tttdiivg produced a -C _

will be taking ; a keeju^ ^ interest -F2^htieR’ ;which/Set a number
in.the bid ( and maybe in United realistic Targefe ”— hot fore

Biscuits’ . takeover of :Teny, -a caste— for : tbe next- .few years,
move in the opposite direttion^. r These ’appaitoitiy imply >nhual
Rowntree and: H.;and P_;have, .salesL growth of 15-per cent plus
lots of overlap in that profit- 'drid^ '-a'- recqveey in the rethra v r - •-
able area where biscuit merges toh icapitaft to' jrist over 20 per . { - • I
into - countHae: against toat, . a ‘ . cent'before mterest, cwnpared 4 >'
beefed-up H and p -be-, with:. a hrore than W per ^. ~ ^
come a more competitive' force .cent in 198U ■ Wo doubt,- Croda

in the general biscuit market _'wfQ- be-asked-to be a hit more.^ femi,
In terms of ' 1981 . earnings, specific in the i ncxt few weeks.

NEWS

REVIEW

ADVERTISEMENT ; .

• . SEMICONDUCTORS y

ULA

BUSINESS

Ferranti

military

computer

contract

Ferranti Computer Systems
Ltd has, against fierce com-
petition. been selected by the
Ministry of Defence to
develop and manufacture a
VLSI (Very Large Scale
Integration) version of the
Military Argus M700 com-
puter. The project will be
carried out with Ferranti
Electronics Ltd, who will be
responsible for chip manu-
facture and associated VLSI
technology development

Ferranti GTE listed

Ferranti GTE Limited, the
joint venture company set up
by Ferranti and the US
General Telephone . and
Electronics Corporation, is on
the D.oX list of suppliers of
PABX equipment to be in-
cluded in the approvals pro-
cedure tor testing by British
Telecom. This is an impor-
tant further step for Ferranti
GTE as a major supplier to

the UK telecommunications
market

Briefly .

Rheumatism research - told
civil engineering are two
areas where Leeds University
is using Ferranti .. Cetec
Graphics Ltd digitisers . as
research tools.

The UK's first Laser True Air
Speed (LATAS) system uses
a Ferranti waveguide laser.
Barbados Fort Authority has
ordered a Fenranti VS83QL
Van Carrier and the Pprt
Authority of Jamaica two
more K90 mobile gantry
cranes.

. V**

The Ferranti “ULA Designer”
recently launched in the UK
and West Germany, . is. an
easy-to-use low-cost interactive
design system which provides
the customer with all .the
computer aided design (CAD}
facilities needed to specify,
design and verify ■ ULA
circuits. •• ■

A Ferranti ULA chip contains

an array of uncommitted com- -

ponents, fully processed-
except for the final single-'
layer interconnection stage>
The ULA 'is manufactured
and held in stock as' a
standard product -
The - customer’s unique
requirements are satisfied by
the connecting of the OLA’S

- uncommitted components with ’
■ one mask-- in toe .final manu-
facturing stage/ converting-
, tbe* ex-stock, standard ULA to -
*. custom-designed KLV r'.'-
. The new '- 'TJLA Dsktaet’!
allows ..customers .

this -final; . interriHyiefction
mask themselves. - - js'.lhr

• stalled . In his. Ipreofis^' and'
linked by idephontiC&nes' to
the Ferranti eompqfep :
Manchester,^ England, v r or
Scotfe Valley, Calif oriiia^ -
It gives him-totaicMitrdl over
his': ULA - design- Ti&ht: up to
; the manufacturing stage wiih-
' but x beta; -for ejijteftise- In
remksonductoKL : :ir. - reduces.

. costs and- thnescal es 1 nfwi ;
gives ; ! "compete-'’- design 1
seenrity.-...-

r -‘\ -* V.r-

r^anc

\-\’

data transmission.

V ideodata at Dekiibains

Ferranti Computer .Systems
Ltd has installed a Videbdata
single co-axial cable* ‘ dicta
transmission system ' 7 - • .at
Debenhams’ London ■ - Head '
Office. This follows- a success
ful pilot scheme' at DebCn-
hams' Taunton = Computer itod.
Administration Centre.' The
system' carries the consider-
able data traffic- between six
minicomputer systems— 4knd-
tine . ijnked fram j^imton—.
and terminals ; throughout:
Head Office. .

Ferranti Vldeodata .ufiM VHF-
trans mission . technique -.to.
provide, in- a - Singte -tiable, ia

■“-full-. ' duplex, v multi-channel
. data ; Unk.^ ^ petwten tta'

. -more computers v .and :.%i
v almost, mdimited ninnbef'^-
.'.termihals. >The. jCahie, x«fld:

: carry audio, aadiW :

. . Videodata- mfnfiSuiteL cabling
,.ccst5:.df;large_il£f -i "
anfl etteis fle
of exp ansi im.

r Fjernimti -aengii
• etalied 170Qia
- date eaWeV^at^DeaJmhams^
,’Head Office .utilised

an . : - eristiag^i -jpaderground;
■.semce. -duct^i^riioaect -the V
;■ parts;.- of:^ ■®^ : idwaptex : '
^vteparated.;lqtja^a^;. r.. : 1

ai-i'

iertWOJ^£S

izulea^^

mpdffiea-

ihave

-of; Video-..

•* .thaJ’Mt Offli*. Printed

jy *5° Timor Ltd., Bmaksril “ — -■«»-*-

sea »>•••

r»iumnai ihikwu o. P HCBgican, _